Jet promoter co sells 7.89% stake in airline


Tail Winds, a promoter entity of Jet Airways, today offloaded 7.89% stake for over Rs 211 crore in the open market, as Naresh Goyal-led Indian carrier gears up to complete the 24% stake sale to Etihad.

According to information available with the bourses, Tail Winds sold a total of 68,15,843 shares — amounting to 7.89% stake — at an average price of Rs 310.15 apiece, pegging the transaction value at Rs 211.41 crore.

Tail Winds used to hold majority of promoter shares till some months ago. Under the proposed deal with Etihad, Goyal would eventually have a 51% stake in the company, while 24% stake would be held by Etihad and the remaining 25% will be with public shareholders.

At the end of September quarter, Tail Winds held 68,15,843shares, equivalent to 7.89% holding, of Jet Airways.

Full report here Business Standard


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