Maran’s addl stake buyout in SpiceJet deferred

Enam Securities said that the proposed open offer by South-based media baron,Kalanithi Maran of KAL Airways to buy an additional 20 per cent stake in low-cost airline,SpiceJet,has been been deferred,owing to market regulator Sebi guidelines. Enam Securities is the manager for the open offer on behalf of Maran. The revised schedule of activities will be […]

Enam Securities said that the proposed open offer by South-based media baron,Kalanithi Maran of KAL Airways to buy an additional 20 per cent stake in low-cost airline,SpiceJet,has been been deferred,owing to market regulator Sebi guidelines.

Enam Securities is the manager for the open offer on behalf of Maran.

The revised schedule of activities will be announced separately after receiving Sebi’s approval to the draft letter of offer,Enam said in a filing to the Bombay Stock Exchange (BSE).

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The proposed open offer was scheduled to launch on August 6 and close on August 25.

Maran,who also owns Sun TV,had in June acquired a 37.7 per cent stake in SpiceJet from US-based investor Wilbur Ross and UK-based Bhupendra Kansagra.

As per Sebi takeover norms,Maran had to make an open offer to acquire a further 20 per cent from other shareholders.

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