The Competition Commission of India (CCI) has cleared original promoter Ajay Singh’s purchase of controlling stake in the cash-strapped carrier, Spicejet. CCI has approved the proposed combination and acquisition of entire shareholding of Kalanithi Maran and Kal Airways, the existing promoters of Spicejet, aggregating to 350,428,758 equity shares amounting 58.46% stake by Ajay Singh, in terms of the Competition Act, 2002.
Under the revival plan, SpiceJet would see a capital infusion of Rs 1,500 crore from Singh and outgoing promoters Marans would transfer their entire 58.46 percent to him.
With clearance from the Competition Commission of India (CCI), the low-cost carrier’s original promoter is close to taking the management reins and ownership of SpiceJet.
Company Name | CMP |
---|---|
Interglobe Aviation | 3920.05 |
SpiceJet | 61.48 |
Global Vectra Helico | 224.95 |
Jet Airways (I) | 49.09 |
Taneja Aerospace | 473.10 |
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