Shares in SpiceJet rallied after the Competition Commission of India approved acquisition of Ajay Singh's stake in the company.
"The company has been informed by Mr. Ajay Singh ("Acquirer") that the Competition Commission of India has approved the proposed combination and acquisition of entire shareholding of Mr. Kalanithi Maran and M/s. Kal Airways Private Limited (i.e. existing Promoters) aggregating to 350,428,758 equity shares (58.46%) by Mr. Ajay Singh, in terms of the Competition Act, 2002," SpiceJet said in a BSE filing.
SpiceJet has been in the news of late as the airline has been cash strapped. Its former promoter Ajay Singh now looks to unleash fresh life into the airline.