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

GROUP OF 20

REUTERS SHOWCASE

Modi Speaks

Modi Speaks

PM Modi says al Qaeda will fail in India - CNN.  Full Article 

Alibaba Listing

Alibaba Listing

Alibaba surges on massive demand in trading debut  Full Article 

Importing Rice

Importing Rice

Top rice exporter India importing over 100,000 T on temporary supply squeeze.  Full Article 

GSK Fined

GSK Fined

China hands drugmaker GSK record $489 mln fine, sentences executives.  Full Article 

HMT in Demand

HMT in Demand

Fans rush to HMT as watchmaker marks time.  Full Article 

Apple Not Cool?

Apple Not Cool?

Some consumers say Apple is losing its "cool" factor  Full Article 

Asian Games 2014

Asian Games 2014

Full coverage of the 17th Asian Games as Incheon.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

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