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Kalanithi Maran steps down from SpiceJet board

Share sale and Purchase Agreement signed to transfer 58.46 % to Ajay Singh

Kalanithi Maran

Media tycoon Kalanithi Maran, his wife Kavery Kalanithi and S Natrajhen have resigned from the Board of SpiceJet. The development comes after Maran along with KAL Airways, indirectly owned by Maran, have decided to dilute majority of their holding in the Airline, which was bought out by Ajay Singh and others.

In an announcement to BSE today, the Airline said Board of Directors of the Company at its meeting has taken on record the Share Sale and Purchase Agreement dated January 29, 2015 between the Company, Kalanithi Maran, Kal Airways Private Limited and Ajay Singh pursuant to which the existing Promoter (i.e. Kalanithi Maran and Kal Airways Private Limited) have agreed to sell and transfer their entire shareholding aggregating to 350,428,758 equity shares (58.46 %) to Ajay Singh.

The Board also gave nod to create, offer, issue and allot upto 3,750,000 non-convertible Cumulative Redeemable Preference Shares of Rs 1,000 each to Kalanithi Maran and/or Kal Airways Private Limited on preferential basis.

ALSO READ: Marans exit SpiceJet, Ajay Singh checks in

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