Low-cost airline SpiceJet on Wednesday denied that business associates of Bhupendra Kansagra, who have agreed to sell 7.7 per cent stake in the airline to Kalanithi Maran (now holding a majority stake in the airline), have moved US courts to stall the transaction, reportedly demanding a higher price.
"It is all rumour. We have not been approached for anything concerning this so far by Kansagra's Royal Holdings Services Ltd (RHSL)," the airline said on Wednesday.
However it refused to share more details in this regard.
RHSL is an US-based firm, in which the Kansagras owns 85 per cent, while the rest remains with two other investors. According to reports these minority investors have opposed the sale, reportedly demanding a higher price. These stakeholders have alleged that they were not consulted before Kansagra struck the deal with Maran.
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.
While RHSL owns 11.95 per cent in Spice-Jet, only 7.7 per cent is up for sale and the balance is pledged.
Maran has already bought 30 per cent SpiceJet equity from Wilbur Ross, the USbased international investor, known for restructuring failed companies.
Meanwhile, late on Wednesday SpiceJet's new promoters SunTV chief Kalanithi Maran and his company KAL Airways said it will launch an open offer to acquire an additional 20 per cent stake in the low- cost carrier on October 18, said Enam Securities, the manager of the offer.
The offer will open on October 18 and will close on November 6, 2010, as per the revised schedule, Enam Securities said in a filing to the Bombay Stock Exchange (BSE).