Jet Airways (India) rose 2.75% to Rs 329.35 at 14:44 IST on BSE after the company said its board approved issuing 2.72 crore equity shares at Rs 754.73 each to Etihad Airways on a preferential basis.
The company made the announcement during trading hours today, 20 November 2013.
Meanwhile, the BSE Sensex was down 50.86 points, or 0.24%, to 20,839.96.
On BSE, 10.79 lakh shares were traded in the counter compared with average volume of 5.01 lakh shares in the past one quarter.
The stock hit a high of Rs 338.80 and a low of Rs 320.55 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 19 November 2013, sliding 7.86% compared with the Sensex's marginal rise of 0.04%. The scrip had, however, underperformed the market in past one quarter, rising 3.69% as against Sensex's 14.11% rise.
The small-cap company has an equity capital of Rs 86.33 crore. Face value per share is Rs 10.
Following the allotment, United Arab Emirates (UAE)-based Etihad will hold 24% of the post issue paid up share capital of Jet Airways.
Further, Jet Airways said that its board also approved appointment of two Etihad nominees to the company's board of directors. The company said that James Hogan and James Rigney, nominees of Etihad Airways, have been appointed as additional directors on its board.
In April 2013, Jet Airways signed a pact to sell its 24% stake to Etihad for about Rs 2058 crore. Etihad Airways had agreed to subscribe to 2.72 crore new shares of Jet Airways at Rs 754.73 per share.
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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