With the CCI nod, the low-cost carrier's original promoter is closer to taking the management control and ownership of SpiceJet. The CCI is learnt to have approved the deal that would see Singh acquiring more than 58 percent stake in SpiceJet.
Next tranche is proposed for end of March and that forms a part of the scheme that we had presented to the government
Ajay Singh
Co-founder
SpiceJet
Fair trade watchdog Competition Commission of India (CCI) Thursday cleared Ajay Singh's proposal to acquire a majority stake in cash-strapped SpiceJet , moving closer to the much-needed recapitalisation of the budget carrier.
With the CCI nod, the low-cost carrier's original promoter is closer to taking the management control and ownership of SpiceJet. The CCI is learnt to have approved the deal that would see Singh acquiring more than 58 percent stake in SpiceJet.
In an exclusive interview to CNBC-TV18, Singh, he expects to put in money into SpiceJet by February 24. Singh on Wednesday had said that Rs 400 crore will be invested in the airline immediately after getting CCI approval, as part of the first tranche of committed investment.
Under the revival plan, Singh would acquire majority stake and control in the airline. Besides, outgoing promoters, Maran family, would put in funds. Speaking to CNBC-TV18, Singh said he expects the transfer of shares from Marans to him in a day or two.
According to Singh, the deal falls within purview of clauses which exempt him from making an open offer. He expects the second tranche of money to come in by March-end and the final tranche by April-end, however he refrained from commenting on who the partners are.
"Recent sales have boosted SpiceJet's confidence. We are seeing things stabilising now along with very few cancellations," he added.
For full interview visit page 2
SpiceJet stock price
On February 19, 2015, SpiceJet closed at Rs 19.95, up Rs 0.05, or 0.25 percent. The 52-week high of the share was Rs 24.10 and the 52-week low was Rs 11.10.
The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -1.21.
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