Kalanithi Maran invests $8.7M more in SpiceJet, raises stake to 53.48%
Kalanithi Maran, promoter of media firm SUN TV Group, has raised his stake in budget carrier SpiceJet by converting the warrants allotted to him into shares. Maran will pick up 2.8 per cent for Rs 54.27 crore, which will increase his holding to 53.48 per cent.
Maran was issued 15 million shares on a preferential allotment basis at Rs 36.18 per unit. The warrants were allotted in January this year and were exercisable in 18 months.
The issue price to Maran is over two times the current trading price of the SpiceJet. Scrip of the company was at Rs 17.40, down 1.97 per cent on Monday at 2 pm. At the present rate, SpiceJet has a valuation of Rs 905.32 crore.
After this allotment, Maran individually holds 24.24 per cent in SpiceJet while the balance 29.24 per cent is held by his company KAL Airways Pvt Ltd.
The infusion by Maran comes as SpiceJet reported a record loss of Rs 559 crore for Q2FY14, compared with a loss of Rs 164 crore in the corresponding quarter last year. It is the biggest loss the airline has suffered in any quarter and nearly three times its loss of Rs 191crore in FY13 on the back of high fuel prices and weak rupee.
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SpiceJet Ltd. (formerly Royal Airways Ltd.) is engaged in providing airlines transportation services. It offers scheduled and unscheduled passenger flights across India and aborad. It also provides chartered plane and cargo services. The company was founded in 1984 and is based in Gurgaon, Haryana.
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Sun TV Network Ltd. (formerly Sun TV Ltd.) is an entertainment and broadcasting company. It is engaged in producing and broadcasting satellite television and radio channels programming in the regional languages of south India. The firm operates 37 frequency modulation (FM) radio stations across the country under the brand 93.5 SURYAN FM. It provides channels like Sun TV, Surya TV, Gemini TV and Udaya TV. The company was founded in 1993 and is based in Chennai, Tamil Nadu.