SpiceJet said it has completed the process of transferring its promoter stake to its former key shareholder, Ajay Singh.
Kalanithi Maran and Kal Airways Private Limited transferred their entire shareholding of 350,428,758 shares, or 58.46% of the total, to Ajay Singh on February 23, 2015, the airline said.
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, it added.
The switchover was needed after the airline made losses under the former promoters. Ajay Singh was brought in to save the airline.