Jet Airways flies over 4% as promoter entity sells stake for Rs 211 crore

NEW DELHI: Jet Airways Ltd rallied as much as 4.2 per cent in morning trade on Tuesday, a day after its promoter entity, Tail Winds, offloaded 7.89 per cent stake for over Rs 211 crore in the open market, as Naresh Goyal-led Indian carrier gears up to complete the 24 per cent stake sale to Etihad.

At 09:45 a.m.; Jet Airways was trading 3.3 per cent higher at Rs 320.90. It has hit a low of Rs 312.50 and a high of Rs 323.50 in trade today.

According to information available with the bourses, Tail Winds sold a total of 68,15,843 shares -- amounting to 7.89 per cent 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 per cent stake in the company, while 24 per cent stake would be held by Etihad and the remaining 25 per cent will be with public shareholders, PTI reported.

“At the end of September quarter, Tail Winds held 68,15,843 shares, equivalent to 7.89 per cent holding, of Jet Airways,” added the report.