SpiceJet shares gained as much as 8.5% on the news at the Bombay Stock Exchange.
WSJ: Maran to Buy Additional 5% Stake in SpiceJet
Mr. Maran in June 2010 offered to buy about 37.73% from SpiceJet's founding firm Royal Holdings Services Ltd.
SpiceJet in August announced it would issue 36 million preferential shares to Maran.
Of India's three listed airlines, a budget carrier, Spicejet, was the only one to turn a profit in the most recent quarter.
ECONOMIST: India's struggling airlines
"The price per share will come to 36.70 rupees, about 50% premium to SpiceJet's current market price of shares, " said Mr. Mills.
Media magnate Kalanithi Maran who bought budget carrier SpiceJet from Wilbur Ross Jr and others, could be a front-runner in potential deals.
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SpiceJet's shares have been additionally impacted because of alleged connections of Mr. Maran's brother, former textiles minister Dayanidhi Maran, to a telecom scandal involving alleged rigging of license approvals.
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