By - { 14/06/10 }

Kalanithi Maran buys stake in Spice Jet!

We had predicted here that Kalanidhi is planning to buy a stake in Spicejet airlines. Indeed our prediction has come true and the Sun TV promoter and media tycoon Kalanithi Maran has acquired 37.75% in low-cost carrier SpiceJet at Rs 47.25 per share amounting to Rs 750 crore. As per the deal, Maran’s aviation company will acquire the stake from promoters Wilber Ross and Bhupendra Kansagara.

It is interesting to note that Maran has bought the stake in individual capacity. Maran is one of the richest CEO’s in India. Together he and his wife earn a whooping 75 crores as salary alone.

As for Spicejet the current status is one promoter Ajay Singh and his family hold 10% while Goldman Sachs holds around 6%. The other promoter, the Kansagra Family, holds 12%, however over 50% of these shares are pledged.

Spicejet shares dipped marginally on Friday. It is left to be seen as to how markets react to this move! For now, it is raining money at Maran’s.
Categories: acquisition | business | Investment | Mergers and Acquisitions
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