Kalanithi Maran's Kal Airways pledges 2.07 crore more shares in SpiceJet

Chennai: Kalanithi Maran's Kal Airways Private Ltd has pledged an additional 2.07 crore shares in SpiceJet on June 3, as per the latest disclosure to the stock exchanges on Friday.
With this transaction, Kal has pledged a total of 9.09 crore shares, out of the 15.65 crore shares it holds in SpiceJet. In other words, 58% of its shares are pledged. Kal holds over 38% in SpiceJet.
The move comes after its shares got a hammering in the markets on June 2 when it emerged that the CBI was looking into certain decisions taken by Dayanidhi Maran when he was a telecom minister between 2004-07. Dayanidhi Maran is Kalanithi's younger brother and current Union Textiles Minister. This news shaved off 16% from SpiceJet's market price on that day. The brothers' other big business interest, Sun TV, incurred its single-biggest fall in a day.
18/06/11 Economic Times

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Categories: Airports Jun 2011, Foreign Jun 2011, spicejet Jun 2011