Maran’s open offer for SpiceJet is delayed

The proposed open offer by Kalanithi Maran of KAL Airways to buy an additional 20 per cent stake in low-cost airline, SpiceJet, as per the Sebi guidelines is yet to take off. The offer, as per the original plan, was to open on August 6 and close on August 25. But it has been postponed to sometime in the last week of August due to a technical issue in the watchdog’s ‘open offer’ guidelines.
“As per the Sebi open offer guidelines, the open offer comes into play 21 days from the date of the last query (raised by the watchdog). Consequently, the offer could not open on August 6 as originally planned and is now likely to open around August 25,” a person privy to the development told Financial Chronicle. Maran was not available for comments.
11/08/10 D Govardan/mydigitalfc.com

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Categories: SpiceJet Aug 2010, Sun Airways Aug 2010