Comments
The SpiceJet board has approved the sale and transfer of Kalanithi Maran and Kal Airways’ entire 58.46 per cent equity shareholding to Ajay Singh. The approval was given at a board meeting held in Chennai on Thursday.
Maran, Kavery Kalanithi and SL Natrajhen resigned from the company’s board with immediate effect, the airline said in a statement to the Bombay Stock Exchange.
The board also decided to increase the company’s authorised share capital to 2,000 crore shares — divided into 1,500 crore equity shares of ₹10 each and 50 lakh non-convertible cumulative redeemable preference shares of ₹1,000 each.
Marans to invest ₹375 cr It also approved allotment of up to 37.5 lakh non-convertible cumulative redeemable preference shares of ₹1,000 each (₹375 crore) to Kalanithi Maran and/or Kal Airways on a preferential basis. In effect, this means that the Marans will continue to remain invested in the airline.
The board also approved a change in the registered office from Tamil Nadu to Delhi
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.