The founder of Sun TV (SUTV.BO)Kalanithi Maran and his aviation firm Kal Airways have agreed to buy 37.7 percent in budget airline SpiceJet Ltd (SPJT.BO)and will make an open offer for a further 20 percent, SpiceJet said in an advertisement in the Business Standard.
Maran will buy the stake from U.S. investor Wilbur Ross and Royal Holdings Services Ltd, owned by the Kansagra family, for about 7.39 billion rupees, SpiceJet said.
Maran will make the mandatory open offer for 82.98 million shares at 57.76 rupees a share, the statement added.
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