NEW DELHI: After acquiring 37.7% stake in low cost carrier SpiceJet from promoter Bhupendra Kansagra and American distress fund owner W L Ross, Sun TV Network chief Kalanithi Maran has made an open offer on Monday to buy another 20% from the market at a price of Rs 57.76 per share. A company promoted by Kalanithi and his wife Kareri, Kal Airways, has made the offer based on the two-week average daily high and low price of SpiceJet shares on BSE.
While the Maran group could not be reached for comment, senior airline officials welcomed the latest development. SpiceJet has had a very fragmented board so far that has affected decision making process. "We were trying to raise $75-80 million for a while to fund the start of overseas operations and fleet growth. The solid financials of the new owner will now ensure that funds are not an issue for airline's growth and we may add more planes to the fleet," said an official.
There is growing speculation in the Gurgaon-based airlines staff and office that the new owner could change the airline's name and possibly the headquarters too. Other big aviation players expect some major changes in the industry scenario now. "Marans are a very strong force to reckon with, both financially and politically. In the south, they have come to dominate most lines of business that they are in and we may see a repeat in the aviation sector as the financial health of some big airlines is very poor," said an airline CEO.
So from being changed time and again, the industry now expects the airline to possibly become a game changer. In its previous avatars, SpiceJet has been known by Genius Leasing, M.G. Express, Modiluft and Royal Airways.
0 Comments
premkumar.raja@gmail.com