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SpiceJet-Religare Voyages deal in the offing: report news
06 April 2010

Even as its talks with media baron Kalanithi Maran are stuck on the issue of pricing, promoters of SpiceJet Ltd, London-based Bhupendra Kansagra and family, Ajay Singh and others are moving closer to Religare Voyages Ltd (RVL) and a deal may be finalised soon, the Daily News and Analysis (DNA) newspaper has reported.

Quoting an unidentified source in the no-frills airline, the newspaper report said the Malvinder Singh-owned company is close to sealing an agreement for a stake in SpiceJet.

According to the source, SpiceJet promoters and Religare are moving towards a deal and Religare would soon buy a stake in the airline.

The report did not give details regarding the value or terms of the deal being worked between the two parties, but said Religare is likely to go for an open offer post acquisition of the promoters' stake.

Talks between the two parties have been going on for some time now and the last offer made by Sun Network was around Rs60-63 per share for a 51 per cent stake, which was not acceptable to the airlines' promoters, the report said. Quoting sources, the report said Religare's price could be to the tune of Rs70 and Rs75 a share.

The airlines' share closed at Rs57.90 on Tuesday. Ajay Singh, director of Malvinder Singh Ltd, in an interview to a television channel said last week that promoters currently held around 30 per cent stake in the airline.

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SpiceJet-Religare Voyages deal in the offing: report