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Ajay Singh again becomes the owner of SpiceJet

New Delhi, PTI | Updated : 24 February 2015, 10:45 AM

The ownership of budget carrier SpiceJet came back in the hands of its original promoter Ajay Singh again after the shares of the Marans’ family were physically transferred to his account.

“Today the entire 58.46 per cent stake of the Marans’ have been transferred to Ajay Singh,” sources close to the development said here.

Singh had exited from the carrier around four year ago.

In late January, SpiceJet board had approved transfer of entire 58.46 per cent stake of Marans family’s to Singh, while the company would raise Rs 1,500 crore through issuance of fresh securities under a revival plan.

After approval from the Home Ministry, Ajay Singh will be appointed as Director on the board of SpiceJet with majority stake in his hand, they said.

With clearance from the Competition Commission of India (CCI) already in place, Singh is now awaiting nod from the Home Ministry for his appointment as Director on the board of SpiceJet.

Earlier in the day, Singh had said that the SpiceJet has already received Rs 100 crore infusion and, “the second tranche of Rs 400 crore should happen tomorrow or day after.”

Under the revival plan, SpiceJet would see a capital infusion of Rs 1,500 crore from Singh in a staggered manner by April.

As per the plan, Singh would pump in another Rs 500 crore by March, followed by another instalment of Rs 500 crore by April end.

Sources also said that the airline is now regular on payments to all its vendors and whatever dues were left they would also be paid “shortly.”

“Besides, SpiceJet is also up-to-date on salary payments to its employees,” they added. 

First Published: Tuesday, February 24, 2015 10:42 AM
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