Jet Airways share sale via OFS under-subscribed

Jet Airways share sale via OFS under-subscribed Mumbai: Jet Airways offer to sell over 43.17 lakh shares via OFS route was Thursday subscribed a little over 69 percent, enabling the carrier to raise over Rs 222 crore.

The issue received 29,86,022 bids till 1530 hrs, as against 43,17,697 shares on offer, the NSE data showed.

Jet Airways-promoter Tail Winds had set the floor price at Rs 510 a share for 5 percent stake-sale through the offer for sale (OFS) route which was aimed at reducing promoters' stake to meet SEBI guidelines of 25 percent public float.

Shares of the company today settled 1.22 percent lower at Rs 528.55 on the BSE.

As per March shareholding data, Goyal and other promoters hold 80 percent in Jet Airways.

As part of the OFS and Etihad deal, last week Goyal had bought back around 28 percent holding from the promoter company Tail Wind, which is fully-owned by him.

Jet Airways has reported a higher net loss of Rs 495.53 crore for the fourth quarter ended March 31 compared to loss of Rs 298.12 crore in the same period year-ago.