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Sun TV boss in SpiceJet deal

By Santosh | 13 June 2010

The head of private broadcaster Sun TV, Kalanithi Maran has acquired a 37.75-per-cent stake in the Delhi-based low-cost airline SpiceJet.

Under the agreement, Maran's aviation company Kal Airways would acquire a total of over 37 per cent stake from promoters – Wilbur Ross and his investment companies as well as Bhupendra Kansagara, a top SpiceJet official said.

He said Maran "entered into an agreement" to acquire the stake and the acquisition process would be carried out in phases over the next few months.

The deal is estimated between Rs 750-800 crore as Maran is expected to have agreed to pay Rs 47 a share to the sellers.

The deal was struck after several days of intense negotiations.

SpiceJet's share closed on Friday at Rs 56.05 a share, three per cent lower from its previous close, on the Bombay Stock Exchange though market sentiment was favourable and the BSE benchmark index Sensex shot up by 142 points to end at 17,064.95 points.