Naresh Goyal to sell at least 5% Jet stake

Mumbai: Naresh Goyal, who is the promoter and chairman of India’s largest airline group Jet Airways, will sell at least 5% of the stake he owns to private equity houses by March 2008 in line with a market regulator fiat on public shareholding of listed companies in India.
Goyal, whose company Tail Winds Ltd currently controls 80% equity in group flagship Jet Airways (India) Ltd, is selling the shares in keeping with the guidelines issued by the Securities and Exchange Board of India (Sebi) in April last year, which said that all listed companies, with certain exceptions, have to ensure a minimum level of public shareholding of at least 25%, up from the currently mandated 10%, of the total number of issued shares. The deadline for this change is 1 April 2008.
Confirming the development, Goyal said he would act upon the guidelines of the market regulator.
Last Jet Airways sold shares was when Goyal offloaded 20% of the airline firm’s equity capital in an initial public offering in February 2005 at Rs1,100 a share.
29/09/07 P.R. Sanjai/Livemint

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Categories: Jet Airways Sep 2007