Open offer for 20% stake in SpiceJet soon

New Delhi: Media baron Kalanithi Maran is expected to launch his open offer for an additional 20% stake in low-fare carrier SpiceJet Ltd this month after missing an August deadline because of an investor complaint to the capital market regulator, two senior airline executives said.
Sun TV Network Ltd chief Maran, whose firm KAL Airways Pvt. Ltd had in June paid `746 crore for a 37.7% stake in the Gurgaon-based airline, has to make the offer to minority shareholders in line with Securities and Exchange Board of India (Sebi) regulations.
The SpiceJet executives, who both declined to be named, said the application to announce the open offer was awaiting Sebi’s approval.
The open offer had been due to start on 6 August and close on 25 August, but was deferred, with no new dates set and no reason specified for the delay.
01/09/10 Tarun Shukla/Live Mint

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Categories: SpiceJet Sep 2010