SpiceJet sale on cards; Maran, wife quit holdco
Media baron Kalanithi Maran and his wife Kavery Kalanithi have resigned from the board of directors of Kal Airways, the holding company of SpiceJet. The move seems to suggest that the promoters may want to rope in an investor by offering a large and perhaps controlling stake.
“This is to inform that due to my preoccupation, I hereby tender my resignation from the post of chairman and director of the company with effect from 05 September 2012,” Maran’s resignation letter to Kal Airways board of directors, reviewed by FE, stated. Kavery’s resignation letter also cited the same reason. E-mail queries sent to SpiceJet and Sun Network on Monday requesting more clarification on the resignations remained unanswered. Even after his resignation as the chairman of the promoter company, Maran remains the chairman of SpiceJet and his wife continues to be on the board of the airline.
Kal Airways has a 32.32% stake in SpiceJet while Maran has 16. 27%. SpiceJet has been in talks with foreign airlines, including Etihad Airways and Emirates for a stake sale, for some time now. “We are in talks with Bravia Capital and some others,” SpiceJet chief executive Neil Mills said on November 1 without revealing the deal size. “We have always said we will only raise funds if we get a good deal,” Mills added.
Sources say Emirates has been eyeing a controlling stake in SpiceJet. According to a leading consultant, by selling stake in the holding company, Maran can give up control of the airline but comply
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