Mumbai: The Securities and Exchange Board of India (Sebi) is expected to exempt the new promoters of the beleaguered low-cost carrier SpiceJet from making an open offer to minority shareholders if the ministry of civil aviation gives it the necessary nod.
A senior Sebi official pointed out that a mere request from the ministry would not suffice and it would need to refer the case to it as an ‘appropriate order’ under The Aircraft Act.
On January 15, SpiceJet informed the BSE that Kalanithi Maran and his associates had decided to transfer the ownership and management control of the airline to Ajay Singh, former promoter and his associates. Singh has submitted a revival plan for the airline to the ministry and is expected to infuse R1,500 crore in tranches, into the loss-making airline.
Singh met the capital market regulator to make a case for an exemption from an open offer. The SpiceJet stock closed at 23, up 0.45%, on the Bombay Stock Exchange on Tuesday.
21/01/15 Financial Express
A senior Sebi official pointed out that a mere request from the ministry would not suffice and it would need to refer the case to it as an ‘appropriate order’ under The Aircraft Act.
On January 15, SpiceJet informed the BSE that Kalanithi Maran and his associates had decided to transfer the ownership and management control of the airline to Ajay Singh, former promoter and his associates. Singh has submitted a revival plan for the airline to the ministry and is expected to infuse R1,500 crore in tranches, into the loss-making airline.
Singh met the capital market regulator to make a case for an exemption from an open offer. The SpiceJet stock closed at 23, up 0.45%, on the Bombay Stock Exchange on Tuesday.
21/01/15 Financial Express
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