Spicejet takes off!

Spicejet is a big gainer today too, like yesterday. It had hit a new high yesterday at Rs.24.50 and today too, it hit  a new high at Rs.24.75, remaining firmly in the green.

The company, after going through some very turbulent times under Maran, is finally back in the hands of the previous promoter, Ajay Singh. And the market heaving a sigh of relief is celebrating Ajay Singh finally taking full control of the airline, raising optimism that things will finally get better and the airline will jump back to profits.

In a communication to the exchange, the company has said that,”entire shareholding of Kalanithi Maran and Kal Airways (the existing Promoters) aggregating to 350,428,758 equity shares (58.46%) has been transferred to Ajay Singh on February 23, 2015. Consequently, Ajay Singh has become the Promoter of the Company and Mr. Kalanithi Maran and Kal Airways Private Limited have ceased to be promoters of the Company.”