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Transaction Closure: Sale of 38% stake in Spicejet to Kalanithi Maran and associates

Edelweiss Capital Limited acted as the Sole Financial Advisor to Royal Holdings Services Ltd and the entities of WL Ross & Co. for the sale of their stake in SpiceJet for INR 7,396 million to Kalanithi Maran and associates. Royal Holdings Services Ltd is the promoter group of SpiceJet Ltd and entities of WL Ross & Co. invested in the company in 2008 through FCCBs worth USD 68 million. They collectively own about 38% fully diluted stake in the company. Kalanithi Maran and associates have completed the acquisition of this stake from Royal Holdings Services Ltd and the entities of WL Ross & Co.

SpiceJet is a leading Low Cost Carrier and one of the strongest brands in the Indian aviation space. With a fleet of 20 aircrafts that cover 19 destinations with 131 daily flights, SpiceJet has a market share of ~13%.

Kalanithi Maran is the promoter of one of the dominant media groups in India.

 

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