Jet Airways is trading higher by 4% at Rs 384 on reports that the Securities Exchange Board of India (Sebi) approved the Etihad Airways’ plan to buy a 24% stake in the company as both carriers revised their deal to comply with conditions set by the markets regulator.
After studying the revised deal structure, Sebi was of the opinion that the Rs 2,058 crore transaction would not trigger a mandatory open offer for purchase of shares from public shareholders and Etihad would not be considered a promoter entity in Jet Airways, the PTI report suggests.
The stock opened at Rs 384 and hit a high of Rs 390 on the NSE. A combined around 630,000 shares change hands on the counter so far on the NSE and BSE.
After studying the revised deal structure, Sebi was of the opinion that the Rs 2,058 crore transaction would not trigger a mandatory open offer for purchase of shares from public shareholders and Etihad would not be considered a promoter entity in Jet Airways, the PTI report suggests.
The stock opened at Rs 384 and hit a high of Rs 390 on the NSE. A combined around 630,000 shares change hands on the counter so far on the NSE and BSE.
