The announcement was made after trading hours on Monday, 29 April 2013.
Meanwhile, the BSE Sensex was up 74.89 points, or 0.39%, to 19,462.39.
On BSE, 2.13 lakh shares were traded in the counter as against an average daily volume of 7.92 lakh shares in the past one quarter.
The stock hit a high of Rs 627 and a low of Rs 617 so far during the day. The stock had hit a 52-week high of Rs 688.60 on 25 April 2013. The stock had hit a 52-week low of Rs 275.10 on 16 May 2012.
The stock had outperformed the market over the past one month till 29 April 2013, rising 17.98% compared with the Sensex's 2.93% rise. The scrip had also outperformed the market in past one quarter, rising 3.23% as against Sensex's 3.02% fall.
The mid-cap air carrier has an equity capital of Rs 86.33 crore. Face value per share is Rs 10.
Promoter group firm, Tail Winds, which owned 79.99% of Jet Airways as on 31 March 2013, will transfer a majority of its stake to Jet owner Naresh Goyal, and sell 5% stake to mutual funds and other investors to comply with the minimum public float rule.
Tail Winds, an overseas corporate body (OCB) registered in the tax haven of Isle of Man, will sell the remaining 24% stake in Jet to UAE-based Etihad Airways following the latter picking up 24% interest in Jet Airways last week for Rs 2058 crore.
Once the entire transaction is over, Tail Winds will no longer hold any shares in Jet Airways and that Goyal will hold controlling stake of 51% in the company, the Jet Airways statement said.
Market regulator Securities & Exchange Board of India (Sebi) has mandated minimum public shareholding of 25% for private companies and 10% for state-run firms. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 13 June 2013, while the deadline for state-run firms is 13 August 2013.
Meanwhile, Jet Airways has called for a shareholders meeting on 24 May 2013 to seek their approval on Etihad's proposed Rs 2058 crore investment in Jet Airways, which would give the UAE-based carrier a 24% stake in the over two-decade old firm. Jet Airways has decided to give three director posts to Etihad Airways.
Jet Airways (India) reported net profit of Rs 85 crore in Q3 December 2012 as against net loss of Rs 101.22 crore in Q3 December 2011. Net sales rose 6.6% to Rs 3941.39 crore in Q3 December 2012 over Q3 December 2011.
The Jet Airways group currently operates a fleet of 109 wide and narrow-bodied aircraft under the Jet Airways and JetKonnect brand. Jet Airways a full service airline with one of the youngest fleets in the world operates a network that includes flights to 77 destinations spanning the length and breadth of India and destinations in Europe, North America (USA & Canada) , the Middle East and Asia. The JetKonnect service is a dedicated product designed to meet the needs of the low fare segment. With a mixed fleet of Boeings and ATR aircraft, JetKonnect's convenient schedules, reliable service and low fare offer bring greater value and a seamless flying experience to its customers. Jet Airways and JetKonnect together operate over 580 flights daily.
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