SpiceJet promoter pledges 87% of stake

Low-cost airline SpiceJet on Friday saidits promoter group firm Kal Airways has pledged 86.17 per cent of its totalholding in the company.

In a filing to the Bombay Stock Exchange, SpiceJet said thatits main promoter Kal Airways pledged over 4.39 crore shares on July 13, takingthe total number shares pledged by the entity to over 13.48 crore.

The total pledged shares account for 86.17 per cent of itsholding in the Delhi-based carrier and 33.27 per cent of the outstanding sharesof the company.

Kal Airways holds over 15.65 crore shares in SpiceJet.

Shares of Kalanithi Maran -promoted SpiceJet has more thanhalved so far this year on the bourses. The scrip, which quoted at around Rs 80in December 2010, is now trading at Rs 36.15 a share.

Kalanithi Maran, together with his firm Kal Airways, holds a38.16 per cent stake in Spicejet. He took over as the company's chairman inNovember last year.

SpiceJet's stock got a beating on the bourses afterKalanithi Maran's brother Dayanidhi Maran was accused by CBI of favouring atelecom firm during his tenure as Telecom Minister between 2004 and 2007.

Recently, Kalanithi Maran was summoned by the Chennai policein a cheating and intimidation case against his Sun Pictures.