Sun TV group offers to buy a further 20 per cent in SpiceJet at Rs57.75 a share
14 Jun 2010
Sun TV founder Kalanithi Maran, who on Friday acquired a 37.73-per cent stake in budget airline SpiceJet, has made the mandatory open offer to acquire a further 20 per cent of SpiceJet's outstanding stock from the public, at Rs57.76 per share.
The offer represents a premium of 3 per cent over SpiceJet stock's Friday's closing price of Rs56.05.
The board of Spicejet Ltd, which met on 12 June, also approved the proposal of acquisition of shares held by Royal Holdings Services Ltd and WL Ross entities in SpiceJet by Kalanithi Maran and Kal Airways Pvt Ltd subject to compliance of the applicable laws, including SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.
With this, Maran, CEO of Sun TV and son of union minister for textiles Dayanidhi Maran, has completed the acquisition of a 37.73-per cent stake held by billionaire investor Wilbur Ross and Bhupendra Kansagra in SpiceJet.
The acquisition also includes the stake of Boeing's 787 Dreamliner.
Of the total 37.7 per cent that Maran bought, Ross owns 25 per cent through foreign currency convertible bonds (FCCBs).