Indian low-cost carrier SpiceJet said on Monday it would transfer its cargo business to a unit for 25.56 billion rupees ($308.32 million), and raise another 25 billion rupees in fresh capital by issuing securities to qualified institutional buyers.

The cash-strapped airline said it will also convert its dues to aircraft lessor Carlyle Aviation into shares worth $29.5 million.


($1 = 82.9000 Indian rupees) (Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)