South Indian media baron and SunTV Chief Kalanithi Maran and his firm, KAL Airways, have raised their direct stake in low-cost carrier SpiceJet to 30.98 per cent, by buying an additional 4.78 per cent stake for Rs 91.52 crore.
Maran acquired 19.37 million shares, or 4.78 per cent, stake in the company on October 26, through an off-market transaction, SpiceJet said in a filing to the Bombay Stock Exchange.
The acquisition of stake by the Chennai-based industrialist is part of the deal to acquire 37.7 per cent stake in the company, signed in June with the then promoters - 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.
Maran and his company KAL Airways also launched an open offer on October 18, to acquire an additional 20 per cent stake in the carrier. The offer would close on November 6.
However, the airline officials declined to comment on the open offer, who are being offered Rs 57.76 for every share. The offer made to shareholders is at 3 per cent premium over the closing price of Rs 56.95 per share on June 11 (a day before the announcement of the deal).
The open offer, which would involve an outgo of around Rs 480 crore, is however, nearly 35 per cent lower than the current market price.
Under market regulator Securities and Exchange Board of India takeover norms, the new promoters of a company are required to make an open offer in case their stake crosses the threshold limit of 15 per cent.
Shares of the airline closed at Rs 86 a piece on the Bombay Stock Exchange on Thursday, 2.87 per cent up over the previous close.
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