MARKET EYE-India's SpiceJet rallies on stake sale speculation

Wed Nov 21, 2012 1:05pm IST

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* Shares in SpiceJet gain 2.9 percent after newspaper
The Financial Express reports a couple of key stakeholders in
SpiceJet have resigned from the board of directors of
Kal Airways, an investment vehicle that is the carrier's single
largest shareholder.
link.reuters.com/vym24t 
* The report sparks speculation the resignations by Kalanithi
Maran and his wife from Kal's board of directors could signal a
potential change of ownership of SpiceJet.
* Maran is the controlling stakeholder of SpiceJet via a
personal 16.27 percent stake and through the 32.32 percent stake
held by Kal Aiways Pvt Ltd. Maran also controls diversified
conglomerate Sun Group.
* S.L. Narayanan, CFO of Sun Group, denies any current plans to
sell a majority stake in the carrier although he confirms
Maran's resignation from Kal's board.
* "There is absolutely nothing on the cards. Let me make it very
clear that there is no plan at all to either sell the company or
induct a new partner or a new strategic investor or issuing any
kind of additional equity to an airline or nothing of that
sort," Narayanan tells Reuters.

 (abhishek.vishnoi@thomsonreuters.com/anurag.kotoky@thomsonreute
rs.com)
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