Maran, KAL raise stake in SpiceJet to 45.26%

South Indian media baron Kalanithi Maran and his associate company KAL Airways Pvt. Ltd have raised their stake in India’s second largest low-cost carrier SpiceJet Ltd by 5 percentage points to 45.26%.
SpiceJet informed stock exchanges on Wednesday that Maran and KAL Airways purchased the shares in an off-market transaction at Rs.47.25 apiece, the price of their June share purchase agreement. The price marks a discount of around 38% to the stock’s current market price.
Maran, who owns Sun TV Network Ltd, purchased SpiceJet shares in June from its promoter Bhupendra Kansagra and distressed-assets buyout specialist Wilbur L. Ross for around Rs.800 crore.
He has bought the additional stake from various associate companies of Ross.
The additional stake purchase came a day ahead of SpiceJet’s planned launch of international operations.
The flight will connect Kathmandu in Nepal with New Delhi. The airline is also set to open a route between Colombo in Sri Lanka and Chennai on 9 October.
Air India, Jet Airways (India) Ltd and Kingfisher Airlines Ltd are the other Indian carriers that run international operations.
07/10/10 P.R. Sanjai/Live Mint

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Categories: SpiceJet Oct 2010, Sun Airways Oct 2010