Shares of the SpiceJet rallied after the company original promoter promoter Ajay Singh made a come-back with long term revival plan.
Shares of the Sun TV Network owned by Mr Kalanithi Maran also jumped 12.87 per cent to Rs 423.90
Spicejet Ltd proposed that principal shareholder and Promoter, Mr. Kalanithi Maran and KAL Airways Private Limited to transfer the ownership, management and control of the Company to Mr. Ajay Singh.
The Board has further directed the Company to take further steps to implement and undertake all necessary steps including to make the appropriate application before the Ministry of Civil Aviation, Government of India for seeking approval of the ‘Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet Limited'.
Shares of the Airline was seen trading higher by 9.92 per cent at Rs 20.50 on BSE at 2.05 pm IST. SpiceJet has not traded in the last 30 days on NSE.
Shares of the Sun TV Network was trading at Rs 417 higher by 11.30 per cent on BSE. It touched an intra-day high of Rs 423.