Friday, Jun 11, 2010
MUMBAI (Dow Jones)--KAL Airways, owned by Sun TV Network Ltd.'s (532733.BY) founder Kalanithi Maran, has bought a 37% stake in SpiceJet Ltd. (500285.BY) for INR40 a share, television channel ET Now reported Friday, citing sources it didn't identify.
KAL bought 25% of the second-biggest Indian low-fare carrier by market share from investor Wilbur L. Ross and the remaining from one of its promoters, Bhupendra Kansagra, the report said.
SpiceJet executives couldn't be immediately reached for comment.
Earlier Friday, the airline said it allotted 64 million shares to five companies, including Dubai World's Istithmar PJSC and those owned by Ross, following the conversion of overseas bonds issued earlier.
-By Anirban Chowdhury, Dow Jones Newswires; 91-22-61456108 anirban.chowdhury@dowjones.com
(END) Dow Jones Newswires
11-06-10 0905GMT
