Jet Airways selling stake to Etihad for Rs 2,060 crore, deal struck at 31% premium over Jet's current stock price to bring down Naresh Goyal's stake to 51%, Latest stock Price of Jet Airways

Jet Airways selling stake to Etihad for Rs 2,060 crore, deal struck at 31% premium over Jet's current stock price to bring down Naresh Goyal's stake to 51%, Latest stock Price of Jet Airways



Jet Airways will sell a minority stake to fast-growing Abu Dhabi-based carrier Etihad Airways for Rs 2,060 crore (roughly USD 379 million) after months of negotiations.

India's largest airline by market share said in a brief statement to the stock exchange that its board approved the allotment to Etihad of 27.3 million shares at Rs 754.74 each on a preferential basis.

The price represents a 31.7 percent premium to Jet's closing share price on Tuesday . Indian markets were closed on Wednesday.

No other details were immediately available but two sources involved in the deal who declined to be identified said the shares would be newly issued, and would represent 24 percent of Jet's expanded share capital.

If completed, the investment would be the first by a foreign carrier into an Indian airline since the country relaxed ownership rules in September and allowed foreign carriers to buy up to 49 percent in local carriers, which are battling stiff competition and high operating costs.

The deal is subject to regulatory and shareholder approval.

No other details were immediately available. Officials from both Jet and Etihad did not have immediate comment.

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