Sun TV founder Kalanathi Maran ups stake in SpiceJet by 2.28 percent

Mumbai, Oct 20 (Calcutta Tube) Sun TV founder Kalanithi Maran and his unlisted aviation firm Kal Airways have increased stake in the low-cost airline SpiceJet by 2.28 percent.

Maran and KAL Airways bought 9.22 million shares, or 2.28 percent, at a price of Rs.47.25 per share in an off-market transaction on Oct 18.

Maran’s direct holding in the airline now stands at 26.2 percent.

Maran and KAL Airways had in June agreed to buy a 37.7 percent stake in SpiceJet from US private equity firm Wilbur Ross and the Kansagra family-promoted Royal Holdings Services for Rs.739 crore at Rs 47.25 a share.

An open offer from Maran and KAL Airways for an additional 20 percent stake in SpiceJet started Oct 18. The offer closes Nov 6.

At the Bombay Stock Exchange (BSE), the SpiceJet scrip was trading 1.86 percent lower at Rs.76.70, in the last 30 minutes of trade.

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