Paring early gains, the shares of SpiceJet today closed nearly two per cent down after Kalanithi Maran made an open offer to acquire an additional 20 per cent stake in the low-cost airline for Rs 57.76 a share, involving an outgo of around Rs 479.29 crore.
SpiceJet offered to purchase 20 per cent additional shares of SpiceJet at Rs 57.76 a share from the market-- a 3 per cent premium over the Friday's closing price. But the offer spooked investors and they dumped the shares, pulling down airline counter to Rs 55.15, or 1.61 per cent over the previous close on the BSE.
During the day the stock had plunged 2.58 per cent to an intra-day low of Rs 54.60, after rallying over 6 per cent in the morning trade on the BSE.
"The downslide in the company's scrip is mainly due to the lower open price offered," SMC Global vice-president Rajesh Jain said.
Meanwhile, the Sun TV counter closed almost flat at Rs 408.35, up 0.17 per cent on the BSE, on a day when the BSE benchmark index surged 273.22 points or 1.60 per cent to settle at 17,338.17.
Last weekend Maran bought nearly 38 per cent in the Delhi-based airline in his individual capacity and through his aviation company KAL Airways. Maran bought the shares at Rs 47.25 a share, entailing a total payout of about Rs 739 crore.
Maran today launched an open offer to acquire an additional 20 per cent stake in SpiceJet for an estimated Rs 479.29 crore. The move comes two days after Maran agreed to acquire 37.73 per cent stake in the company at Rs 57.76 a share -- a premium of 3 per cent. The offer, to be launched on August 6, would close on August 25.
A total of 1.26 crore shares of SpiceJet were traded on the BSE.
"The acquirers... hereby make this offer to shareholders of the target (SpiceJet) to acquire up to 8,29,80,161 equity shares... of face value of Rs 10 each, representing in aggregate 20 per cent of ...the target company at a price of Rs 57.76 per fully paid-up equity share...," KAL Airways' offer manager Enam Securities said in a public announcement.