Ajay Singh to stay invested in SpiceJet

New Delhi: Ajay Singh, one of the anchor investors in SpiceJet, has decided to stay invested in the country’s second largest no-frill carrier. The Delhi-based businessman would continue as one of the directors on the company board.
“We will not exit from the company,” Singh told FE, following the company’s lead promoter Bhupendra Kansagra and distress asset buyer Wilbur Ross deciding to sell their stakes to Sun TV founder Kalanidhi Maran.
Maran has agreed to buy 37.7% stake in SpiceJet. The deal is pegged at about Rs 750 crore. Maran will come out with the mandatory open offer to buy another 20% in the company on Monday. The SpiceJet stock had closed at Rs 56.05 on the BSE on Friday, 3% down over the previous close.
Ajay Singh, along with his family members, own nearly 10% stake in SpiceJet.
London-based Bhupendra Kansagra, Ajay Singh and former SpiceJet chairman Siddhanta Sharma are considered the main architects of the airline. Sharma had left the company in 2008 soon after the US-based billionaire Wilbur Ross announced to invest $68 million through subscribing foreign currency convertible bonds (FCCBs).
14/06/10 Nirbhay Kumar/Financial Express

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Categories: SpiceJet Jun 2010