Chennai/Mumbai: Embattled airline company SpiceJet is all set to change hands. With the Marans of Sun Group not keen on investing more, Ajay Singh, one of the original co-promoters of SpiceJet, is understood to be doing due diligence of the company with a view to acquire a fresh stake in it along with a couple of financial investors.
A top official privy to the development said that the data room had been opened for due diligence along with access to documents and records of the company. Calls to Mr. Ajay Singh did not elicit a response but a person close to him confirmed the news.
The official said that the deal structure was yet to evolve adding that the Marans, who own 53.48 per cent stake in the company together with the Sun Group, were open to selling their stake and exiting. “We’re fine either way and have left it to them [incoming investors],” said the official when asked if the Marans would stay invested or sell their stake.
A non-binding agreement has been signed with a four-week timeframe at the end of which a binding deal will be sealed if the investors are convinced after the due diligence. The official added that there is no certainty of the deal going through at this point in time. “It may or may not happen,” he said.
19/12/14 Raghuvir Srinivasan/Lalatendu Mishra/The Hindu
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A top official privy to the development said that the data room had been opened for due diligence along with access to documents and records of the company. Calls to Mr. Ajay Singh did not elicit a response but a person close to him confirmed the news.
The official said that the deal structure was yet to evolve adding that the Marans, who own 53.48 per cent stake in the company together with the Sun Group, were open to selling their stake and exiting. “We’re fine either way and have left it to them [incoming investors],” said the official when asked if the Marans would stay invested or sell their stake.
A non-binding agreement has been signed with a four-week timeframe at the end of which a binding deal will be sealed if the investors are convinced after the due diligence. The official added that there is no certainty of the deal going through at this point in time. “It may or may not happen,” he said.
19/12/14 Raghuvir Srinivasan/Lalatendu Mishra/The Hindu
