As Kalanithi Maran exits the airline company, stocks of both Sun TV and SpiceJet surged on the stock market on Friday.
Stocks of SpiceJet tounched the upper circuit on the BSE (at 10 per cent) to close at ₹20.50 with 39.5 lakh shares changing hands. The stock of Sun TV gained 11.32 per cent to close at ₹418.05. Over 7.5 lakh shares of Sun TV changed hands.
On Thursday (January 15), SpiceJet informed the stock exchange that the company’s board has taken on record the proposal of the principal shareholder and promoter, Kalanithi Maran, and Kal Airways to transfer the ownership, management and control of the company to Ajay Singh, SpieceJet’s original promoter, following a ‘scheme of reconstruction and revival for the takeover of ownership, management and control of the company’.
₹750-cr acquisition In 2010, Maran acquired over 37 per cent stake in the budget carrier for around ₹750 crore (at close to ₹48 a share), and gradually increased his holding to the current level of 53.5 per cent by infusing funds in the last four years.
Though details of the deal are yet to be disclosed, industry sources say Maran and Kal Airways will continue to hold 10 per cent stake following the conversion of their warrants.