Sun TV promoter Kalanithi Maran has bought a 37.7 per cent stake in Gurgaon-based low-cost carrier SpiceJet Ltd from its promoter Bhupendra Kansagra and US investor W.L. Ross for around Rs 750 crore.
The deal makes Maran the single largest shareholder in the carrier. The acquisition was done by Maran, elder brother of union textiles minister, Dayanidhi Maran, in his individual capacity through his company KAL Airways Private Limited.
An open offer to further buy 20 per cent stake from the market is expected to come by the end June, taking his combined stake to 57 per cent.
“The agreement to acquire 37.7 per cent stake is from Wilbur Ross and his investment companies as well as Bhupendra Kansagara Royal Holding Services Limited,” a SpiceJet official, who did not wish to be quoted, said.
He said Maran the acquisition process would be carried out over the next few months. Maran runs 20 news channels and two newspapers in south.
The purchase price for the equity shares is expected to be lower than the market price. SpiceJet’s share closed yesterday at Rs 56.05 a share, three per cent lower from its previous close, on the Bombay Stock Exchange.
SpiceJet, which has completed five years of domestic operations, will soon start international services to Nepal, Bangladesh and Maldives. The airline has a market share of around 13 per cent and operates 129 flights daily to 18 cities.