The original promoter of the budget airline SpiceJet Ajay Singh finally became its owner again on Monday with the completion of the process of share transfer from the former promoter Kalanithi Maran, chairman of the Sun Group, to him.
“With the physical transfer of shares to his (Singh’s) account, and clearance from the CCI (competition commission of India) and Sebi (stock exchange regulator), he is now officially the owner of SpiceJet,” said a reliable source, who spoke on condition of anonymity.
A deal for share sale and purchase was inked between Maran, his company Kal Airways and Singh last month. With this Singh now owns 58.46% stake in the Gurgaon-based airline and can now begin scouting for investors for recapitalisation of cash-starved SpiceJet.
Singh, in his revival plan submitted to the government, has committed to bring in Rs 1500 crore by April-end.
23/02/15 Praveena Sharma/Daily News & Analysis
“With the physical transfer of shares to his (Singh’s) account, and clearance from the CCI (competition commission of India) and Sebi (stock exchange regulator), he is now officially the owner of SpiceJet,” said a reliable source, who spoke on condition of anonymity.
A deal for share sale and purchase was inked between Maran, his company Kal Airways and Singh last month. With this Singh now owns 58.46% stake in the Gurgaon-based airline and can now begin scouting for investors for recapitalisation of cash-starved SpiceJet.
Singh, in his revival plan submitted to the government, has committed to bring in Rs 1500 crore by April-end.
23/02/15 Praveena Sharma/Daily News & Analysis
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