Spicejet promoter pledges 87% of stake | india | Hindustan Times
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Spicejet promoter pledges 87% of stake

india Updated: Jul 22, 2011 20:11 IST

Low-cost airline Spicejet on Friday said that its promoter group firm Kal Airways has pledged 86.17% of its total holding in the company.

In a filing to the Bombay Stock Exchange, Spicejet said that its main promoter Kal Airways pledged over 4.39 crore shares on July 13, taking the total number shares pledged by the entity to over 13.48 crore.

The total pledged shares account for 86.17% of its holding in the Delhi-based carrier and 33.27% of the outstanding shares of the company.

Kal Airways holds over 15.65 crore shares in Spicejet.

Shares of Kalanithi Maran-promoted Spicejet has more than halved so far this year on the bourses. The scrip, which quoted at around Rs 80 in December 2010, is now trading at Rs 36.15 a share.

Kalanithi Maran, together with his firm Kal Airways, holds a 38.16% stake in Spicejet. He took over as the company's chairman in November 2010.

Spicejet's stock got a beating on the bourses after Kalanithi Maran's brother Dayanidhi Maran was accused by CBI of favouring a telecom firm during his tenure as telecom minister between 2004 and 2007.

Recently, Kalanithi Maran was summoned by the Chennai police in a cheating and intimidation case against his Sun Pictures.