Wednesday, April 24, 2013

Jet to sell 32% stake to Etihad for over Rs. 2,000 cr

NEW DELHI, April 24, 2013 PTI

Jet Airways on Wednesday said its board has approved issue of over 27.26 million equity shares to Etihad Airways at Rs 754.73 apiece.

The number of shares allotted to Etihad represents nearly 32 per cent of the Jet's share capital.

In a filing to stock exchanges, Jet said its board of directors at a meeting on Wednesday approved preferential allotment of "27,263,372 equity shares of the face value of Rs 10 to Etihad Airways PJSC at a price of not less than Rs 754.7361607 (including premium of Rs 744.7361607 per share) per equity share".

"The Board of Directors has granted approval for the company (Jet Airways) and Etihad PJSC to enter into inter alia, the Investment Agreement in relation to such issuance and allotment and other documents incidental thereto," it said.

The approval of the shareholders for such issuance and allotment will be sought at an Extraordinary General Meeting to be held in this regard.

The share issue to Etihad is being done at a substantial premium to Jet's last trading price of Rs 573.85 on the BSE.
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