New Delhi: SpiceJet's recapitalisation plan is awaiting a nod from the Competition Commission of India (CCI) but may not need any approval from market regulator Sebi. Incoming promoter Ajay Singh told CNBC-TV18 that Rs 400 crore will be invested in the airline "immediately on getting CCI approval, which may happen in next 1-2 days".
Though Singh declined to speak further on SpiceJet's recapitalisation plan, which requires Rs 1,500 crore total investment by him, sources said plan was submitted to CCI because acquisition of any company with a turnover of more than Rs 4,500 crore is scruitinised by the Commission.
These sources insisted that Sebi Takeover guidelines specify that there is no need for an acquirer to make an open offer to public shareholders of a listed company if the revival and reconstruction plan has been approved by the relevant ministry. They said in SpiceJet's case, the revival has been approved by the Ministry of Civil Aviation and there was really no need for a separate waiver from Sebi for an open offer. Singh plans to acquire a little over 58 percent stake in SpiceJet which was held by the Maran family earlier.
18/02/15 Sindhu Bhattacharya/First Post
Though Singh declined to speak further on SpiceJet's recapitalisation plan, which requires Rs 1,500 crore total investment by him, sources said plan was submitted to CCI because acquisition of any company with a turnover of more than Rs 4,500 crore is scruitinised by the Commission.
These sources insisted that Sebi Takeover guidelines specify that there is no need for an acquirer to make an open offer to public shareholders of a listed company if the revival and reconstruction plan has been approved by the relevant ministry. They said in SpiceJet's case, the revival has been approved by the Ministry of Civil Aviation and there was really no need for a separate waiver from Sebi for an open offer. Singh plans to acquire a little over 58 percent stake in SpiceJet which was held by the Maran family earlier.
18/02/15 Sindhu Bhattacharya/First Post
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