Jet redeems 6.98 cr IFC preference shares

Jet Airways (India) has redeemed 6,98,28,750 cumulative convertible redeemable preference shares (CCRPS) held by International Finance Corporation(IFC).

According to a release issued by Jet to the NSE today, the company had received approval from the Reserve Bank of India for redemption of CCRPS.

"Pursuant to the final prospectus dated February 28, 2005, under the section relating to the Objects of the Offer on page 33, the company has redeemed the CCRPS," the release added.