Marans to transfer SpiceJet ownership to Ajay Singh

Capping weeks of uncertainty over its future, beleaguered SpiceJet today said its promoter Kalanithi Maran would transfer his entire stake in the carrier to original founder Ajay Singh as part of plans to revive it.
The proposal of the principal shareholder and promoter, Maran and KAL Airways Pvt Ltd, to transfer the ownership, management and control of the no-frills airline to Singh was approved by the SpiceJet board at its meeting today.
In a filing to the BSE, the carrier said the step is pursuant to a "Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet".

The scheme would be submitted to the Civil Aviation Ministry for approval.
SpiceJet, which has been going through a turbulent patch, has been looking to infuse fresh capital as part of efforts to revive its sagging fortunes.
Promoters, Maran and Kal Airways, hold 53.48 per cent stake in the BSE-listed SpiceJet while major 'public' shareholders include Tata group firm Ewart Investments (1.79 per cent) and Kalpana Singh (1.41 per cent). Retail investors hold 45.69 per cent of the company that has a total market value of Rs 1,000 crore.
According to the filing, the board has further directed the company to take further steps to implement and undertake all necessary steps including to make the appropriate application before the ministry for seeking approval.