The country's second-largest budget carrier is to get a fresh infusion of a little over Rs 1,875 crore ($300 million) from new as well as outgoing promoter Kalanithi Maran. Maran, who has stepped down from the board and is selling his entire stake to Ajay Singh, is to subscribe to fresh redeemable preference shares.
Maran, who is also the promoter of South-based media behemoth Sun Group, is selling his entire 58.46 per cent stake in SpiceJet to the company's co-founder and former co-promoter Singh. Based on the current market price this would mean Maran getting around Rs 700 crore.
In a parallel deal, he would plough back over half of this into the firm through subscription to fresh securities.
30/01/15 Anuradha Verma/VCCircle
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Maran, who is also the promoter of South-based media behemoth Sun Group, is selling his entire 58.46 per cent stake in SpiceJet to the company's co-founder and former co-promoter Singh. Based on the current market price this would mean Maran getting around Rs 700 crore.
In a parallel deal, he would plough back over half of this into the firm through subscription to fresh securities.
30/01/15 Anuradha Verma/VCCircle
