Jet Airways shares gain over 7% on cabinet nod to Etihad deal
Shares of Jet Airways today soared over 7 per cent
Cheering the move, shares of Jet opened the day on a bullish note and further jumped 7.26 per cent to Rs 414.70 on the BSE.
On the NSE, the scrip surged 7.24 per cent to Rs 414.60.
Paving the way for the biggest ever foreign investment in India’s aviation sector, the Union Cabinet last night cleared Jet Airways’ proposed sale of 24 per cent equity to Etihad, days after the deal worth Rs 2,058 crore got regulatory clearances.
The proposal was of Etihad to subscribe 27,263,372 Jet shares of Rs 10 each, amounting to 24 per cent of post-issue paid-up equity share capital for Rs 2,057.66 crore.
The FIPB had cleared the deal on July 29 with some major riders to maintain effective Indian control over the airline after the stake sale to Etihad.
Meanwhile, the broader market was also trading higher, with the BSE benchmark Sensex trading 72.86 points up at 19,974.93 at 10 00 hrs.