The SpiceJet board has approved the sale and transfer of Kalanithi Maran and Kal Airways’ entire 58.46 per cent equity shareholding to Ajay Singh. The approval was given at a board meeting held in Chennai on Thursday.

Maran, Kavery Kalanithi and SL Natrajhen resigned from the company’s board with immediate effect, the airline said in a statement to the Bombay Stock Exchange.

The board also decided to increase the company’s authorised share capital to 2,000 crore shares — divided into 1,500 crore equity shares of ₹10 each and 50 lakh non-convertible cumulative redeemable preference shares of ₹1,000 each.

Marans to invest ₹375 cr It also approved allotment of up to 37.5 lakh non-convertible cumulative redeemable preference shares of ₹1,000 each (₹375 crore) to Kalanithi Maran and/or Kal Airways on a preferential basis. In effect, this means that the Marans will continue to remain invested in the airline.

The board also approved a change in the registered office from Tamil Nadu to Delhi