SpiceJet promoter pledges 17.33% stake

Low-cost carrier SpiceJet said one of its promoters KAL Airways has pledged over seven crore shares of the company,representing 17.33 per cent stake in the airline.

Low-cost carrier SpiceJet today said one of its promoters KAL Airways has pledged over seven crore shares of the company,representing 17.33 per cent stake in the airline.

KAL Airways,a private firm owned by media baron and Sun TV chief Kalanithi Maran,has pledged its over 7.02 crore shares of SpiceJet,the airline said in a filing to the BSE. Of this,over 1.01 crore shares were pledged on April 27,the filing said,but it did not give the details of with whom the shares had been pledged.

The KAL Airways has over 15.65 crore shares in the airline. In June,2010 the Sun TV Chief had clinched a deal to acquire a 37.7 per cent stake in the airline for about Rs 750 crore from American investor Wilbur Ross,his investment companies and the Kansagara family-promoted Royal Holding Services Ltd.

Maran currently holds a 38.66 per cent stake in the airline,together with his firm KAL Airways and had taken over as the chairman of the company in last November,following the completion of his acquisition of a majority stake in the company.

In Odisha, Modi mounts ‘loot tantra-vs-bachat utsav’ attack on Congress over GST

India11 hr ago

Prime Minister Narendra Modi Saturday hailed the revised Goods and Services Tax (GST) structures, saying the era of “double bachat (saving) and double kamai (income)” has arrived under the Bharatiya Janata Party rule. Addressing the ' Namo Yuva Samabesh' in Jharsuguda, Modi accused the Congress of indulging in “loot tantra (tactics)” while in power.

View all shorts

Live Blog

PHOTOS