NEW DELHI Indian media baron Kalanithi Maran made an open offer to shareholders of SpiceJet Ltd. to raise his stake in the budget airline to a controlling 58%, according to the offer’s manager, Enam Securities Pvt. Ltd.
Mr. Maran, founder of Sun TV Network Ltd., made the mandatory open offer for a stake of as much as 20% after agreeing to buy 38% of SpiceJet, India’s second-biggest low-fare airline by market share after IndiGo, an unlisted carrier that is controlled by by Interglobe Aviation Pvt. Ltd. Mr. Maran’s Sun TV owns more than 20 television channels and 42 radio stations in southern India.
SpiceJet matter: Sebi disposes of adjudication proceedings against Axis Capital
SpiceJet matter: Sebi disposes of adjudication proceedings against Axis Capital
Sebi on Friday disposed of adjudication proceedings against Axis Capital, saying the alleged violation of the merchant banker norms could not be established against it with respect to foreign currency convertible bonds issuance by SpiceJet India Ltd back in 2010.
It was alleged that Axis Capital (formerly known as Enam Securities) had amended the Share Purchase Agreement (SPA) on October 5, 2010, after the issuance of observation letter by Sebi on October 4, 2O10.
The share purchase agreement was entered into between acquirers KAL Airways and Kalanithi Maran SpiceJet and four WLR entities WLL Recovery III Ltd, WLR Recovery IV/ ESC Ltd, India Asset Recovery Fund Ltd and WLR/GS India Ltd.