SpiceJet rallies on stake sale speculation

Wed Nov 21, 2012 2:25pm IST

SpiceJet aircraft prepares for landing at the airport in Mumbai July 15, 2008. REUTERS/Punit Paranjpe/Files

SpiceJet aircraft prepares for landing at the airport in Mumbai July 15, 2008.

Credit: Reuters/Punit Paranjpe/Files

Related Topics

Stocks

   

Reuters Market Eye - Shares in SpiceJet(SPJT.BO) 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.

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.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage