20-Oct-2010 10:44 AM

Kalanithi Maran purchases additional 2.28% stake in SpiceJet

SpiceJet announced Sun TV Founder, Kalanithi Maran, and his unlisted aviation firm KAL Airways have acquired an additional 9.22 million shares or 2.28% stake in SpiceJet through an off-market transaction (Reuters, 19-Oct-2010). Mr Maran’s direct holding in the carrier now stands at 26.2%. In Jun-2010, Mr Maran and KAL Airways agreed to purchase a 37.7% stake in the carrier from US investor Wilbur Ross and Royal Holdings Services, held by the Kansagra family, for INR7.39 billion (USD166.6 million) at INR47.25 a share. [more]