Maran’s offer to buy 20% additional stake in SpiceJet deferred

Aug 12, 2010 |

mumbai

The proposed open offer by media baron Kalanithi Maran to buy an additional 20 per cent stake in the low-cost airline SpiceJet has been deferred, Enam Securities, the lead manager of the offer, said on Thursday.

The revised schedule of activities will be announced separately after receiving Sebi’s approval to the draft letter of offer, Enam Securities said in a filing to the Bombay Stock Exchange.

The proposed open offer was scheduled to launch on August 6 and close on August 25.

Mr Maran, who also owns Sun TV, in June acquired a 37.7 per cent stake in SpiceJet from US-based investor Wilbur Ross and UK-based Bhupendra Kansagra.

As per Sebi takeover norms, Mr Maran had to make an open offer to acquire a further 20 per cent from other shareholders.

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