New Delhi, Jun 13: Kalanidhi Maran, Chairman and MD of Chennai-based Sun TV Network, entered into an agreement to acquire over 37.7 percent equity in low-cost carrier SpiceJet. The acquisition for an estimated Rs 940 crore would be completed over the next few months.
The stake has been acquired by Maran in his individual capacity and through his aviation company KAL Airways.
The shares have been acquired from current SpiceJet promoters, American investor Wilbur Ross and his investment companies, and Kansagara family-promoted Royal Holding Services Ltd. The deal is said to have been reached after several rounds of intense negotiations.
Maran said that he has bought 37.75 percent stake in SpiceJet at Rs 47.25 per share. The other sources said that the price at which the deal was struck could not be confirmed.