Spicejet seems to be flying high today morning after the arbitration tribunal ruled in favour of SpiceJet, in a share purchase dispute with former promoter Kalanithi Maran of Sun TV. The tribunal also rejected the latter’s Rs.1,323-crore claim for loss on account of non-issuance of share warrants.
On the other hand, the Triunal did have one move in Maran’s favour – it ruled that he was entitled to a refund of Rs.308 crore, which is the subscription amount he made for warrants and preference shares, with an interest of 12% per annum for a period of 30 months.
This is unlikely to impact Spicejet was it has already deposited the amount in an escrow account with the Delhi High Court; it will have no effect on the company’s balance sheet.
The stock price today morning cruised up 9.5% to Rs.114.80 and remains firmly in the green.