The shares of Spicejet Ltd gained over 2 per cent on Wednesday after the company announced that it has signed a Memorandum of Understanding (MoU) with Avenue Capital Group, New York for a strategic alliance in respect of the financing, acquisition and sale and lease‐back of 50 new planes to be ordered by the airline.

At 11:25 am, SpiceJet was trading at ₹70.10 on the BSE, up ₹1.75 or 2.56 per cent. It hit an intraday high of ₹70.75 and an intraday low of ₹68.85. It had opened at ₹69.95 as against the previous close of ₹68.35.

On the NSE as well, it was trading at ₹70.10, up ₹1.75 or 2.56 per cent.

The company further said that the MoU sets out the next steps and conditions upon which Avenue, as part of the strategic alliance with SpiceJet, will assist with placing of SpiceJet’s new aircraft portfolio including sale and lease‐back of and also the assumption of ownership of potentially up to 50 of these aircraft.

Source: Thehindubusinessline