Chennai, Nov. 21:
The stock of SpiceJet jumped over 7 per cent on the BSE on speculation
of a stake sale following the resignation of Kalanithi Maran and his wife,
Kavery, from Kal Airways, one of the promoter entities of the airline.
However, the SpiceJet CFO was quoted by agencies as saying that
Kalanithi Maran resigned from the board as he wanted to manage his time more
effectively, and that this had nothing to do with selling stake in the company.
But the stock retained the gains despite the clarification and over one crore
shares changed hands.
Analysts point out that recent events in shareholding and board
composition at SpiceJet do not suggest an imminent exit by promoters.
On the contrary, they seem to be aimed at consolidating promoter holding
and control in the airline. Promoter stake in SpiceJet increased from 38.6 per
cent as on September 2011 to 48.59 per cent as on September 2012. In April, S.
Natrajhen (formerly with Sun TV and erstwhile COO of SpiceJet) was appointed
whole-time director, designated as Executive Director. Similarly, R.
Ravivenkatesh (also on the Sun TV board) was appointed a Director.
He acquired 16,000 shares (0.0033 per cent). At the AGM in September
2012, both were re-appointed, and Natrajhen was re-designated Managing
Director.
In October, Kal Airways Pvt Ltd also released from pledge a portion of
its shares in SpiceJet.
On the business front, things are looking up. Bank of America-Merrill
Lynch, which raised a price target on the SpiceJet stock to Rs 46 (from the
earlier Rs 42) said: “We expect SpiceJet to post healthy profits in Q3-FY13 on
account of the holiday season.”
It also expects softer ATF prices to result in marginal benefits for
SpiceJet.
http://www.thehindubusinessline.com/todays-paper/spicejet-gains-on-stakesale-buzz/article4120681.ece
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