Sun TV Network's Chairman and MD, Kalanithi Maran is picking up a substantial stake in India's second largest low-fare airline SpiceJet. The deal would mark the media honcho's foray into the aviation business who chose to spend Rs 1,220 crore for a controlling interest in the airline. Kal Airways promoted by Kalanithi Maran, will spend Rs 479.29 crore on the open offer.
Maran will shell out Rs 146.84 crore to buy the stake held by Royal Holdings Services Ltd and another Rs 592.73 crore for WL Ross' stake, in SpiceJet.
The deal comes at a time when SpiceJet had announced $75-million fundraising through either ADR, GDR or QIP. Kal Airways will seek regulatory approval within three days for the acquisition. It is also looking forward to shift the registered office and re-name or rebrand SpiceJet.
