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SpiceJet has a market capitalisation of $250 million.
According to sources, Bhupendra Kansagra, who, along with his family, holds the stake through family firm Royal Holdings Services Ltd, is scouting for a buyer and has initiated talks with “several interested parties”. Kalanithi Maran. SpiceJet was promoted by Ajay Singh and the Kansagra family. They want to exit the airline business because rising … Mr Kansagra and his two associates will receive $30 million if the deal goes through. The UK-based promoter-director Bhulo (Bhupendra) Kansagra of Delhi-based low-cost carrier SpiceJet is willing to divest the family stake in the airline if the valuations are right. As of June 2017 he holds 59.13% stake in Spicejet airlines. Choose your reason below and click on the Report button. SpiceJet stake: Kansagra -Maran deal lands in US court MUMBAI: A few business associates of Bhupendra Kansagra ² the SpiceJet promoter who agreed to sell 7.7% stake in the low -cost airline to the southern media magnet Kalanithi Maran ² have moved US courts to stall the transaction. For reprint rights: SpiceJet stake: Kansagra-Maran deal lands in US courtMUMBAI: A few business associates of Bhupendra Kansagra — the These stakeholders have alleged that they were not consulted before Mr Kansagra struck the deal with Mr Maran, said a person familiar with the development.Since the SpiceJet shares are held by RHSL, there are legal and technical hurdles in going ahead with the deal without the consent of the two minority shareholders. The share had seen a 52-week high of Rs 104.80 on January 8 and a 52-week low of Rs 37.30 on March 26. Seemingly, the low-cost model is no "value for money" under the current circumstances for this 51-year-old Economics graduate from Harrow College of Further Education (London). This will alert our moderators to take actionSpiceJet stake: Kansagra-Maran deal lands in US courtCopyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. MUMBAI: A few business associates of Bhupendra Kansagra — the SpiceJet promoter who agreed to sell 7.7% stake in the low-cost airline to the southern media magnet Kalanithi Maran — have moved US courts to stall the transaction.
It is believed that Mr Kansagra had earlier indicated that the RHSL shareholders would receive close to `60 a share. Though the India plans in oil and gas sector of the family have not been spelled out as yet, Kansagra is on the board of Cals Refineries, which is looking at setting up a petroleum refinery with a capacity of 100,000 BPSD at Haldia, by relocation of Bayernoil refinery located at Ingolstadt, Germany. In Lagos, the Kansagras are involved in the storage and distribution of fuel with more than 7,000 gas outlets. Maran had bought 5% in an off-market transaction a week ago.Oil prices rise on US stimulus hopes, weaker US dollarSpiceJet designated to fly to US; Experts say flying to US will be difficultUS Returns: Emerging platforms that are making investment in US stocks seamlessTwo US senators introduce legislations to strengthen India-US defence tiesUS accuses Iran of 'dangerous' harassment of US warships They also have interests in deep offshore exploration blocks in Nigeria, where they have collaborated with Chevron, Texaco.
Singh was a director of SpiceJet Ltd until August 27, 2010, when he transferred ownership of the company to Sun Group's President and Chief Executive Officer. Business Standard is happy to inform you of the launch of "Business Standard Premium Services"As a premium subscriber you get an across device unfettered access to a range of services which include:Welcome to the premium services of Business Standard brought to you courtesy FIS. For reprint rights: SpiceJet stake: Kansagra-Maran deal lands in US courtMUMBAI: A few business associates of Bhupendra Kansagra — the These stakeholders have alleged that they were not consulted before Mr Kansagra struck the deal with Mr Maran, said a person familiar with the development.Since the SpiceJet shares are held by RHSL, there are legal and technical hurdles in going ahead with the deal without the consent of the two minority shareholders. "Everybody is bleeding in the industry, the cost of jet fuel is exorbitant," he said referring to the losses airlines are making due to the escalating air turbine fuel costs. The Kansagras bought a stake in SpiceJet, then known as ModiLuft, from SK Modi at Rs 10 per share after a round of legal battles in 2000. P>Bhupendra (Bhulo) Kansagra, the promoter-director of Delhi-based low-cost carrier SpiceJet, grabbed the headlines this week after announcing he is looking to exit the airline if he gets the right valuation. Mr Kansagra and his two associates will receive $30 million if the deal goes through. Till then, he says he has an organic growth plan ready and the airline will expand and try and get fresh equity infusion from anyone who is interested. Ajay Singh is an Indian entrepreneur, co-founder and present owner of Indian low-cost airline SpiceJet.
When the airline was established in 2005, Mr Kansagra and his brother Suresh had a 13 per cent share in the company, which they sold in 2008. The sagging airline was given a boost by Kansagra when he pumped in more money and rechristened it SpiceJet in the year 2005.
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