SpiceJet Says Ajay Singh Back As Promoter; Marans Exit

NEW DELHI: Completing its ownership transfer, SpiceJet said Ajay Singh has become the promoter after acquiring the entire 58.46 percent stake from the Marans.

Singh, the original promoter of SpiceJet, is now back at the helm as part of a revival plan that would also be seeing a capital infusion of Rs 1,500 crore into the low-cost carrier.

Shares of the airline rose over onepercent to Rs 24.35 on the BSE in early morning trade.

As part of a share sale and purchase agreement, Marans have transferred their 58.46 percent to Singh, SpiceJet said in a regulatory filing.

"Ajay Singh has become the promoter of the company and Kalanithi Maran and Kal Airways Private Limited have ceased to be promoters of the company," the filing said.
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