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SpiceJet major shareholder to launch open offer to public shareholders

12-Jul-2010 10:51 AM

SpiceJet shareholder Sun TV Network Chairman and MD, Kalanithi Maran, announced plans to launch an open offer to public shareholders of SpiceJet to acquire a further 20% of stock, commencing 06-Aug-2010 (The Economic Times, 12-Jul-2010/Hindustan Times, 09-Jul-2010). Mr Maran entered an agreement to acquire 37.73% of the LCC's shares – 30.23% from Wilbur Ross and 7.49% from the Kansagara family – on 14-Jun-2010, for an estimated USD160 million or INR47.25 per share. Mr Maran and Kal Airways Pvt Ltd subsequently launched an open cash offer for the acquisition of 83 million equity shares or a 20% stake in SpiceJet at INR57.76 per share, a 3% premium to the stock's 11-Jun-2010 closing price of INR56.05.