Kalanithi Maran raises SpiceJet stake to 38.66 per cent
12 November 2010
Sun TV founder Kalanithi Maran has raised his stake in low-cost airline SpiceJet to 38.66 per cent with acquisition of an additional 7.68 per cent equity in the airline through his unlisted aviation firm Kal Airways Pvt Ltd.
Maran and Kal Airways acquired 31.08 million additional shares of SpiceJet on 11 November through an off-market transaction, SpiceJet said in a filing with the Bombay Stock Exchange (BSE).
Maran and his associate companied held 125,446,400 equity shares in India's second-largest low-cost carrier, SpiceJect, before the latest acquisition.
Following this transaction, Maran and his associate company's combined stake in the Gurgaon-based airline rises to 66.2 per cent.
It is, however, not known at what price Maran made the acquisition and its effect on the stockholding pattern of SpiceJet.
The airline has been converting foreign currency convertible bonds (FCCBs) into equity in phases and it is possible that Maran might have acquired some of these.
With a majority stake in hand, Maran is expected to increase his nominees on the airline's board to five at the 15 November meeting.