Sebi nod for SpiceJet offer

SpiceJet has received approval for its open offer, even as television channels reported that some minority shareholders of the airline had moved the Securities and Exchange board of India (Sebi), opposing its stake sale to Sun TV promoter Kalanithi Maran.
"We have received the Sebi nod for the open offer, which is set to open on November 18. The open offer is for 20 per cent stake in the airline," said a top SpiceJet executive on condition of anonymity.
There were also reports that a few associates of SpiceJet promoter Bhupendra Kansagra, who has agreed to sell his stake in the carrier to Maran, have moved US courts to stall the transaction. SpiceJet denied any such move. It said the deal was through and Maran would hold majority stake in the airline by mid-November and the rest would be done through the open offer.
14/10/10 Business Standard/Sify

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Categories: SpiceJet Oct 2010, Sun Airways Oct 2010