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.

EDITORIAL OF THE DAY

  • Public sector banks need to be independent of govt ownership

    The RBI, in its financial stability report released last week, has flagged off concerns about the deteriorating asset quality of public sector banks.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

A complex challenge for our PSUs

Till the mid-1990s, the central government and its companies were ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Dharmendra Khandal

The one in which a blue whale was washed ashore

Quite unexpectedly, a gigantic blue whale was washed ashore at ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture