BENGALURU: Shares of SpiceJet Ltd surged about 9% on Thursday after a report said that the Indian budget airline carrier is expected to receive an additional 10 billion Indian rupees ($122.7 million) loan under the government's modified Emergency Credit Line Guarantee Scheme.

The funds will help the airline clear its dues, pay lessors on time and induct new Boeing 737 Max planes, Business Standard newspaper reported, citing sources. ($1 = 81.5150 Indian rupees) (Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Savio D'Souza)