Maran to buy additional stake in SpiceJet
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SpiceJet Ltd plans to raise US$27.8 million (INR1.3 billion) by selling an additional 5% stake to its main shareholder, Kalanithi Maran, at a time when private equity investors are shying away from India’s airline sector, reported Wall Street Journal. “The fresh investment shows the confidence the promoter has in the airline. We are always talking to a lot of investors, but as I have said before, with rising fuel prices and other factors, this is not the best time to seek external funding in the industry,” Neil Mills, Chief Executive of SpiceJet Ltd. Maran is the founder of media group Sun TV Network Ltd, owns 38.61% of SpiceJet.
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