Kalanithi Maran pledges 86.17 per cent of his SpiceJet stake
23 July 2011
Kalanidhi Maran, who owns a 38.16 per cent stake in low-cost carrier SpiceJet, has pledged 134.8 million shares, or 87.17 per cent of his total holding in the airline, a stock exchange filing showed.
Media baron Kalanidhi Maran, who owns the South-based Sun TV network, together with KAL Airways holds 156.5 million shares in Gurgaon-based SpiceJet.
Maran also took over as the company's chairman in November 2010.
Maran, brother of Dayanidhi Marn, who was forced to quit as textiles minister at the centre, first acquired SpiceJet stake from US billionaire Wilbur Ross and its erstwhile promoter Bhupendra Kansagra, last year, for a total consideration of Rs750 crore.
Maran had, in April this year, pledged 14.84 per cent stake in SpiceJet and has subsequently pledged more shares to raise funds for the airline.
SpiceJet, which has a share of a little over 14 per cent in the domestic market for air travel, has been looking at expanding services to Tier II cities and launch of regional operations from 15 July. The airline, however, had to postpone the plans due to funding problems.