The entire 58.46 per cent holding of Kalanithi Maran, Kal Airways Pvt Ltd in SpiceJet has been transferred to Ajay Singh, the airline has informed the Bombay Stock Exchange.
At about 11 am, SpiceJet shares were trading up 1.04 per cent at Rs 24.25 on the BSE.
The statement said with the share transfer Ajay Singh has become the promoter of the company and Kalanithi Maran and Kal Airways Pvt Ltd have ceased to be promoters of the company.
It was on January 15 this year that Kalanithi Maran and Ajay Singh signed an agreement for the transfer of the 58.46 per cent stake held by the Marans to Ajay Singh.
The share transfer has now happened days after the buy-out was cleared by the Competition Commission of India.
Ajay Singh is putting together a team which plans to pump in $200 million into the airline. The need for a new investor was felt as the airline owed Rs 1,600 crore to debitors as of December 5 last year.
Discounted fare scheme
Meanwhile, the airline has launched a limited time discounted fare scheme in which it is offering tickets on routes such as Hyderabad to Vijayawada, Delhi to Dehradun, Guwahati to Kolkata, Ahmedabad to Mumbai, and Bangalore to Hyderabad at ₹ 1699 all-in. International flights start as low as ₹3,799 all-in on the Delhi to Kathmandu sector, with discounted fares available on most other international routes too. A total of 1,00,000 seats are available on sale.
To avail of the offer a passenger has to buy his or her tickets by February 26, and will have to complete the journey between March 1 and April 20 this year.