New Delhi: Ready with a five-year plan to revive the fortunes of SpiceJet, its original founder and new owner Ajay Singh is talking to multiple foreign investors for fund infusion into the budget carrier.
Singh, to whom current promoters Maran family has agreed to transfer 'ownership, management and control' in the airline, said necessary downsizing will also be undertaken as part of the restructuring plan, but it would be kept at minimum.
At the end of July-September quarter of 2014, for which the latest shareholding pattern is available, Marans held 53.48 per cent stake in Spicejet. Thereafter, their stake rose further to 58.46 per cent pursuant to conversion of warrants.
As part of the deal, Marans would transfer entire equity stake in the airline to Singh and would cease to be promoters, but would remain invested through warrants lying with them, which would result in 10 per cent stake upon conversion.
16/01/15 PTI/Economic Times
Singh, to whom current promoters Maran family has agreed to transfer 'ownership, management and control' in the airline, said necessary downsizing will also be undertaken as part of the restructuring plan, but it would be kept at minimum.
At the end of July-September quarter of 2014, for which the latest shareholding pattern is available, Marans held 53.48 per cent stake in Spicejet. Thereafter, their stake rose further to 58.46 per cent pursuant to conversion of warrants.
As part of the deal, Marans would transfer entire equity stake in the airline to Singh and would cease to be promoters, but would remain invested through warrants lying with them, which would result in 10 per cent stake upon conversion.
16/01/15 PTI/Economic Times
No comments:
Post a Comment