Delhi-based low-cost carrier SpiceJet?s new promoters SunTV chief Kalanithi Maran and his company KAL Airways has launched an open offer to acquire an additional 20% stake in the low-cost carrier on October 18. The offer will open on October 18 and close on November 6, said a filing on the Bombay Stock Exchange dated October 13.
In June, the Chennai-based industrialist had clinched a deal to acquire a 37.7% stake in the low-cost carrier for Rs 739.57 crore from American investor Wilbur Ross, his investment companies and the Kansagara family-promoted Royal Holding Services.
Recently, Maran increased his stake in the budget airline to 25.12% by acquiring 7.42% additional stake through off-market transactions. Shareholders will be offered Rs 57.76 for every share they hold in SpiceJet, translating into a 3% premium over the closing price of Rs 56.05 on June 11, 2010. This would involve an outgo of around Rs 480 crore, taking the overall deal size to Rs 1,220 crore as Maran and his firm KAL Airways had clinched the deal to pick up a 37.73% stake in SpiceJet at Rs 47.25 apiece.