Jet Airways (India) rose 2.82% to Rs 319.15 at 11:42 IST on BSE after a promoter entity of the company offloaded 7.89% stake in the open market on Monday, 18 November 2013, as the carrier gears up to complete the 24% stake sale to Etihad.
Meanwhile, the BSE Sensex was up 31.04 points, or 0.15%, to 20,881.78.
On BSE, 4.05 lakh shares were traded in the counter compared with average volume of 4.94 lakh shares in the past one quarter.
The stock hit a high of Rs 323.95 and a low of Rs 312.50 so far during the day. The stock hit a 52-week high of Rs 688.60 on 25 April 2013. The stock hit a 52-week low of Rs 280 on 28 August 2013.
The stock had underperformed the market over the past one month till 18 November 2013, sliding 10.78% compared with the Sensex's 0.15% fall. The scrip had also underperformed the market in past one quarter, sliding 2.22% as against Sensex's 12.11% rise.
The large-cap company has an equity capital of Rs 86.33 crore. Face value per share is Rs 10.
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Shares of Jet Airways (India) jumped as the bulk deal is seen as the final step in the completion of a 24% stake sale to Abu Dhabi's Etihad Airways.
According to information available with the bourses, Tail Winds, a promoter entity of Jet Airways (India), sold a total of 68.15 lakh shares -- amounting to 7.89% stake -- on BSE and NSE on Monday, 18 November 2013.
Tail Winds sold 48.15 lakh shares on BSE at Rs 310.23 each. It sold 20 lakh shares shares on NSE at Rs 310.07 each.
In another open market transaction on Monday, 18 November 2013, Merrill Lynch Capital Markets Espana acquired 29 lakh shares of Jet Airways for around Rs 90 crore on BSE. Besides, Deutsche Securities Mauritius purchased 12.60 lakh shares of the carrier for Rs 39 crore on NSE. These two foreign entities bought these scrips at a price of Rs 310 per share.
As on 30 September 2013, Tail Winds held 68.15 lakh shares, or 7.89% holding, of Jet Airways.
Jet Airways plans to sell 24% stake to Abu Dhabi-based Etihad for about Rs 2058 crore. Jet Airways and United Arab Emirates (UAE)-based Etihad Airways on 24 April 2013 announced that Etihad Airways agreed to subscribe to 2.72 crore new shares of Jet Airways at Rs 754.74 per share. The value of this equity investment is $379 million and will result in Etihad Airways holding 24% of the enlarged share capital of Jet Airways.
Jet Airways (India) posted a net loss of Rs 891.01 crore in Q2 September 2013, higher than net loss of Rs 99.67 crore in Q2 September 2012. Total income rose 1.74% to Rs 4267.77 crore in Q2 September 2013 over Q2 September 2012.
Jet Airways currently operates a fleet of 113 aircraft, which include 10 Boeing 777-300 ER aircraft, 10 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 2 ATR72-600. With an average fleet age of 5.19 years, the airline has one of the youngest fleet of aircraft in the world. Flights to 76 destinations span the length and breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels, Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Kathmandu, Kuwait, London (Heathrow), Muscat, New York (Newark), Riyadh, Sharjah, Singapore and Toronto.
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