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Jet Airways shares soar 3%, most in over a month

Last Updated: Tuesday, November 19, 2013 - 18:44

Mumbai: Shares of Jet Airways Tuesday rose over 3 percent, logging its best daily gain in over a month, after its promoter Tail Winds offloaded 7.89 percent stake in the company for over Rs 211 crore.

Jet Airways' scrip settled for the day at Rs 320.55, up 3.27 percent from the previous close on BSE. During the day, the stock gained 4.36 percent to Rs 323.95. On the NSE, the scrip closed 2.90 percent higher at Rs 321.

On October 3, shares of the airline rose by 4.25 percent.

Tail Winds, a promoter of Jet Airways, yesterday offloaded 7.89 percent stake for over Rs 211 crore in the open market, as Naresh Goyal-led Indian carrier gears up to complete the 24 percent stake sale to Etihad.

Tail Winds sold a total of 68,15,843 shares -- amounting to 7.89 percent stake -- at an average price of Rs 310.15 apiece, pegging the transaction value at Rs 211.41 crore.

Last week, fair trade regulator CCI had approved the proposed acquisition of 24 percent stake in Jet by Etihad.

Tail Winds used to hold majority of promoter shares till some months ago. Under the proposed deal with Etihad, Goyal would eventually have a 51 percent stake in the company, while 24 percent stake would be held by Etihad and the remaining 25 percent will be with public shareholders.

Meanwhile, in another open market transaction, Merrill Lynch Capital Markets Espana had picked up 29 lakh shares (or 3.35 percent stake) of Jet for around Rs 90 crore. Besides, Deutsche Securities Mauritius purchased 12.60 lakh shares (or 1.39 percent stake) of the carrier for Rs 39 crore. These two foreign entities bought these scrips at a price of Rs 310 per share.

First Published: Tuesday, November 19, 2013 - 18:44
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