Kalanithi Maran, Chairman and Managing Director of Sun Network, acquired 37.75% stake in SpicJet for Rs.7.5 billion. The deal was finalized on
Currently, SpiceJet’s share prices stand at Rs.56.05 but Maran acquired stakes at a discount rate of Rs. 47.25 per share. Maran bought 30% share from Wilbur L Ross, a renowned American investor, who specializes in failed businesses. He acquired another 7% from the Kangasagaras, the former promoters of the airline.
Post-acquisition, Maran announced that Bhupendra Kangsagara will remain on the board of the airline.
As per rule, on
SpiceJet is the second largest low-cost airline in terms of market share. The airline started its operation in 2005. In 2007, Skytrax, a subsidiary of the Inflight Research Services, voted SpiceJet as the best low cost airline in
Kalanithi Maran, is a media baron. He owns 20 television channels and two general newspapers in southern