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SpiceJet gets Shareholder approval for transferring Cargo Business
SpiceJet gets Shareholder approval for transferring Cargo Business
SpiceJet receives shareholder approval for transferring cargo business to SpiceXpress and Logistics Private Limited. SpiceXpess will operate as a separate entity and Spicejet will continue to provide certain services to SpiceXpress. The Logistics business has been valued at Rs.2,555.77Crore and transfer will happen on slump sale basis. Transfer of logistics business to result in one-time gain of Rs.2,555.77 Crore for SpiceJet wiping out a substantial portion of the company's negative net worth. The Company also gets shareholders approval to raise fund via QIP for an amount up to Rs.2500Crore. Know how this development is positive for the company in this video.
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