NEW DELHI:
Cash-strapped SpiceJet today returned to original promoter Ajay Singh for its revival in a multi-layered deal worth up to Rs 1,500 crore, as Maran family agreed to cede control with transfer of over 53 per cent stake in the airline that has been struggling for months to survive.
Singh would get 53.48 per cent stake, currently worth about Rs 500 crore, in the airline from the Maran family, while an open offer for purchase of further 26 per cent from public shareholders (worth about Rs 250 crore) will be made if asked by the markets regulator Sebi.
Kalanithi Maran-led Sun Group would also infuse Rs 80 crore in the loss-making airline following conversion of their warrants, which would give them a 10 per cent minority stake.
Marans would remain invested with this stake in the airline, which they acquired over four years ago, as a public shareholder although they would cease to be its promoters.
Singh said that road ahead for SpiceJet is “pretty tough” and its turnaround could take 2-3 quarters, while adding that more than one investor can come on board for fund infusion.
SpiceJet Chief Operating Officer Sanjiv Kapoor said he is looking forward to the carrier getting back to normalcy while some more steps may be taken for its revival. (AGENCIES)
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