Jet Airways shares up over 4 per cent

Shares of Jet Airways today rose by over 4 per cent after market regulator Sebi said Abu Dhabi carrier Etihad does not have to make an open offer for the Indian company's shareholders pursuant to the Rs 2,060 crore stake deal between them.

Jet's stock rose by 4.13 per cent to Rs 245.80 on the BSE. At the NSE, it gained 3.93 per cent to Rs 245.50.

In a major relief for Jet Airways and Etihad, Sebi yesterday said the Abu Dhabi carrier does not have to make an open offer for Jet shareholders.

Clearing the regulatory hurdles for the high profile deal, the Securities and Exchange Board of India (Sebi) also ruled that Etihad "has not acquired control over Jet".

Etihad purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.

"...The fact that existing promoters hold 51 per cent shares and voting rights in Jet strengthen the stand of Sebi as communicated to Ministry of Finance vide letter dated September 25, 2013 that Etihad cannot be termed as a person acting in concert along with the existing promoters of Jet under... Takeover Regulations, 2011," the regulator had said in its order.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The US can no longer take India for granted, as Kerry’s visit shows

    Despite the feel good factor in Indo-US ties, not the least surprising given BJP’s long term support for free market and laissez-faire economy, the

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Why cleanliness is a vital human right

I have spent the past few months in India witnessing ...

Parvez Imam

Tourism agenda with a colonial undertone

Tourism is supposed to bring in foreign exchange and provide ...

Dharmendra Khandal

Let the tiger breathe in its natural home

The world has been observing July 29 as International Tiger ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture