Kalanithi Maran acquires 37% stake in SpiceJet
Media magnate Kalanithi Maran Saturday entered into an agreement to acquire over 37 percent equity in low-cost carrier SpiceJet.
New Delhi: Media magnate Kalanithi Maran Saturday entered into an agreement to acquire over 37 percent equity in low-cost carrier SpiceJet.
Under the agreement, Maran`s aviation company Kal Airways would acquire a total of over 37 per cent stake from promoters-- Wilbur Ross and his investment companies as well as Bhupendra Kansagara, a top SpiceJet official said.
He said Maran "entered into an agreement" to acquire the stake and the acquisition process would be carried out in phases over the next few months.
The deal was struck after several days of intense negotiations.
SpiceJet`s share closed yesterday at Rs 56.05 a share, three per cent lower from its previous close, on the Bombay Stock Exchange though market sentiment was favourable and the BSE benchmark index Sensex shot up by 142 points to end at 17,064.95 points.
The airline claims a market share of 13 percent and operates 129 flights daily to 18 cities, with a fleet of 19 Boeing aircraft.
It plans to launch international flights, starting with services to neighbouring Bangladesh and Nepal from this month.
The airline has seen interest from domestic and international investors for nearly four years now. Tatas picked up over six per cent stake in the airline in 2006.
Investor Wilbur Ross pumped in Rs 345 crore in 2008 and in the same year Goldman Sachs injected over Rs 90 crore.