Promoter Ajay Singh Holds Over 60% Stake in SpiceJet

New Delhi: SpiceJet's new promoter Ajay Singh now holds an over 60 per cent stake in the carrier after buying the entire stake of the Marans.

Mr Singh, who co-founded the airline some years ago, snapped up a 58.46 per cent stake from the Marans, former promoters, as part of a revival plan that would also see capital infusion of Rs 1,500 crore into the airline.

According to a regulatory filing made by SpiceJet, Mr Singh holds more than 36.15 crore shares, or a 60.31 per cent stake, in the carrier.

At Wednesday's closing price of Rs 24.95 apiece on the BSE, Mr Singh's stake is worth more than Rs 900 crore.

Prior to acquiring Marans's entire stake, his shareholding stood at 1.85 per cent.

Out of the Marans's entire stake, more than 8.3 crore shares are pledged with banks, the filing said. The former promoters' 58.46 per cent stake translated to over 35.04 crore shares.

As part of a share sale and purchase agreement, the Marans transferred their 58.46 per cent to Mr Singh on February 23, 2015.

"Ajay Singh has become the promoter of the company and Kalanithi Maran and Kal Airways Private Limited have ceased to be promoters of the company," the carrier had said on Tuesday.

In late January, SpiceJet's board had approved transfer of the entire 58.46 per cent stake of the Marans to Mr Singh, while the company would raise Rs 1,500 crore through issuance of fresh securities under a revival plan.

After approval from the Home Ministry, Mr Singh would be appointed as director on the board of SpiceJet with a majority stake in his hand.

The deal has already received clearance from the Competition Commission of India (CCI).