SpiceJet soars as government raises loan limit for airlines under credit scheme

Shares of SpiceJet, which have suffered due to a number of issues including insolvency proceedings and a string of losses, rose over 6 percent

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Shares of low-cost carrier SpiceJet rose on October 6 after the finance ministry modified the Emergency Credit Line Guarantee Scheme (ECLGS) by raising the loan limit to Rs 1,500 crore from Rs 400 crore to help the aviation industry.

As per the modified ECLGS 3.0, an airline would be eligible for “100 per cent of their fund based or non-fund-based loan outstanding as on the reference dates or Rs 1,500 crore, whichever is lower; and of the above, Rs 500 crore shall be considered, based on equity contribution by the owners”.

The news was welcomed by investors. Shares of SpiceJet, which have suffered due to a number of issues including insolvency proceedings and string of losses reported by the company, rose over 6 percent. The shares traded at Rs 40.80 on BSE. The stock is still down 40 percent in the current calendar year.

InterGlobe Aviation, which is financially much more stable, traded up 0.5 percent at Rs 1860. The stock is down 8 percent so far this year.

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