On Friday, the acquisition of Spicejet was completed by the Chief Executive of Sun TV, Kalanithi Maran, son of Dayanidhi Maran.

Kalanithi bought 37 per cent stake in the low-cost no-frill airlines and entered into the field of aviation.

The acquisition will be done by the holding company of Maran, KAL Airways, in individual capacity. In this the deal, the owning of Boeing's 787 Dreamliner is also included.

Talking to the media, sources close to the development said that Maran has already signed an agreement to purchase 37 per cent stake in the airline. The promoters of the same are Bhupendra (Bhulo) Kansagra and Wilbur L Ross.

Out of the total 37 percent, 25 per cent will be of Ross. He owns the stake through foreign currency convertible bonds (FCCBs) in the company.

He will be paying Rs. 800 crore for the stake and will be done through off-market transactions.

Also there is news that Maran is going to make an offer to the minority shareholders of the company to buy the regulatory 20 per cent stake.

In May, Spicejet has already raised Rs. 355 crore thorough stake sale for funding its plans.