Kalanithi Maran, Kal Airways sell entire SpiceJet stake to Ajay Singh

Zee Media Bureau

New Delhi: Budget airline SpiceJet on Friday said that its promoters Kalanithi Maran and Kal Airways plan to sell their entire equity to co-founder Ajay Singh.

Kalanithi Maran of Sun group and his company Kal Airways have sold all their shares amounting to 58.46 percent stake in the airline. Maran, Kavery Kalanithi and S.Natrajhen have resigned from the board of the company with immediate effect following the change in the ownership.

The low-cost airline plans to allot 37 lakh non-convertible preference shares to Marans and Kal Airways. These shares will be issued at Rs 1000 per share.

SpiceJet also plans to raise up to Rs 1,500 crore through issues of various securities. The registered office of the airline has been shifted from Tamil Nadu to Delhi.