Maran raises stake in SpiceJet to 38.66 p

Maran and KAL Airways acquired 31.08 million shares, or a 7.68 per cent stake, in the company today through an off- market transaction, SpiceJet said in a filing to the Bombay Stock Exchange.

Acquisition of the additional stake was provided for in the deal signed in June between the Chennai-based industrialist and the then-promoters of SpiceJet, namely American investor Wilbur Ross, his investment companies and Bhulo Kansagara family-promoted Royal Holding Services Ltd. The deal was estimated to be worth about Rs 740 crore.

Meanwhile, the SpiceJet Board is scheduled to meet on Monday to assess the response of investors to Maran and KAL Airways' open offer for additional 20 per cent equity in the company, which closed on November 6.

The open offer was launched by Maran and KAL Airways on October 18. As per market regulator Sebi's takeover norms, an open offer is compulsory if the stake of the acquirer crosses the threshold limit of 15 per cent.

Maran had offered shareholders Rs 57.76 for every share, a 3 per cent premium over SpiceJet's closing price of Rs 56.95 on June 11, 2010, a day before the deal was announced.

However, the share price under the open offer is nearly 35 per cent lower than the current market price. At the offer price, Maran and Kal Airways would have to spend Rs 480 crore to pick up a 20 per cent stake in SpiceJet.

SpiceJet closed at Rs 88.85 on the Bombay Stock Exchange today, down 3.74 per cent from the previous close.

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