Jet sells 24% equity to Etihad

Jet Airways, India and UAE based airline Etihad on Wednesday announced closure of a Rs 2,069 crore deal for the Abu Dhabi-based carrier to pick up 24% equity in the Indian airline, marking the first foreign direct investment (FDI) infusion by an airline in the Indian aviation sector.

Maintaining that all requisite regulatory approvals from Indian authorities have been obtained on November 12, the two airlines said Jet has “issued and allotted 27,263,372 equity shares of a face value of Rs 10 each at a price of Rs 754.74 per equity share on a preferential basis to Etihad Airways.”

Following the allotment of equity shares on preferential basis to Etihad Airways, Etihad Airways holds 24 per cent of the post-issue paid up share capital of Jet Airways “on a fully diluted basis”. As per legal requirements, 51 per cent stake would be held by Jet and its Chairman and promoter Naersh Goyal

Read the full report here, Times of India


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