The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for SASOF II (J) Aviation Ireland Ltd & Others
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SpiceJet has allotted 10.41 crore equity shares to nine aircraft lessor entities (including SASOF II/III Aviation Ireland entities, Fly Aircraft Holdings, and Citrine Aircraft Leasing), giving them a combined 6.86% stake in the company. These entities, based in Ireland, are not part of the promoter group. The shares were issued on a preferential basis in lieu of outstanding dues owed by SpiceJet to these lessors as of March 31, 2025 — essentially a debt-to-equity conversion. The allotment happened on November 19, 2025, increasing SpiceJet's total equity share capital from 141.35 crore to 151.77 crore shares. The largest individual allottee is SASOF II (J) Aviation Ireland with 2.48 crore shares (1.63%), followed by SASOF III (A6) with 1.77 crore shares (1.16%).
For shareholders, this is a dilutive event — equity base expanded by about 7.4% without any fresh cash inflow. However, it helps reduce SpiceJet's liabilities and could be seen positively if it eases financial pressure. The acquirers are not promoters, so this does not signal any change in management control, though the substantial debt-to-equity swap indicates ongoing financial restructuring.