Low-cost airline SpiceJet on Monday soared over six per cent in morning trade on the Bombay Stock Exchange ahead of an open offer by Kalanithi Maran, who has acquired 37.75 per cent stake in the company for an estimated Rs 750 crore.
The scrip surged 6.24 per cent to touch a high of Rs 59.55 soon after opening on BSE.
The broader market was also firm and the benchmark index Sensex was trading 167 points higher at 17,231.76 in early session.
On Saturday, media baron and Chennai-based Sun TV promoter Maran entered into an agreement to acquire a 37.75 per cent stake in SpiceJet.
Shares have been acquired from current SpiceJet promoters, American investor Wilbur Ross and his investment companies, and Kansagara family-promoted Royal Holding Services Ltd. The deal is said to have been reached after several rounds of intense negotiations.
An upward movement was also witnessed on Sun TV counter and the scrip gained 1.83 per cent at Rs 415.10 in morning trade on BSE.
The stake has been acquired by Maran, Chairman and MD of Sun TV Network, in his individual capacity and through his aviation company KAL Airways.