After buying the entire stake from former promoter Marans’, Ajay Singh, a new promoter, now holds over 60 per cent stake in the budget carrier SpiceJet. Singh, who co-founded the airline some years back, snapped up 58.46 per cent stake from Marans as part of a revival plan that would also see Rs1,500 crore capital infusion into the airline.
According to a regulatory filing made by SpiceJet, Singh holds more than 36.15 crore shares or 60.31 per cent stake in the carrier. At Wednesday’s closing price of Rs24.95 apiece on the BSE, Singh stake is worth more than Rs900 crore.
Prior to acquiring Marans’ entire stake, his shareholding stood at 1.85 per cent. Out of Marans’ entire stake, more than 8.3 crore shares are pledged with banks, the filing said. The former promoters’ 58.46 per cent translated to over 35.04 crore shares. As part of a share sale and purchase agreement, Marans transferred their 58.46 per cent to Singh on February 23, 2015.