Kalanithi Maran acquires 37% of SpiceJet; becomes largest single shareholder
SpiceJet stated Sun TV Network Chairman and MD, Kalanithi Maran, entered into an agreement to acquire 37.75% of shares in the LCC for an estimated USD160 million or INR48/share (PTI, 13-Jun-2010). The acquisition makes Mr Maran the single largest stakeholder. The stake was acquired by Mr Maran in his individual capacity and through his aviation company, KAL Airways. The shares have been acquired from current SpiceJet investors, Wilbur Ross and his investment companies, and Royal Holding Services Ltd. There is also now reportedly a mandatory open offer to acquire an additional 20% in Spicejet at approximately INR58 per share.