Spicejet Board approves acquisition of shares by Kalanithi Maran

Spicejet Ltd has announced that the Board of Directors of the Company met on June 12, 2010, to consider the proposal of acquisition by Mr. Kalanithi Maran and Kal Airways Pvt. Ltd. the shares held by Royal Holdings Services Ltd. and WL Ross entities and approved the same subject to compliance by the proposed acquirers under the applicable laws including SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.

The Spicejet stock was trading at Rs.56.10, up by Rs.0.05 or 0.09%. The stock hit an intraday high of Rs.59.55 and low of Rs.55.

The total traded quantity was 6877857 compared to 2 week average of 4585899.

Source : Equity Bulls

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