Jet to sell 10% to institutions

Mumbai: The promoters of Jet Airways, India’s largest private airline, are planning to sell a 10 per cent stake to institutional investors before floating a $400-million public issue in June.
Jet is in talks with three to four institutional investors and banks that are keen to pick up a stake in the loss-laden airline. The promoters’ holding will come down to 70 per cent after the stake sale.
“We are not issuing fresh shares. The 10 per cent stake will be sold directly from the promoters’ share to a competent institutional investor. We have not shortlisted any company yet. We will enter into a deal with whoever agrees to pay a higher premium. We expect to close the deal in 2 to 3 weeks provided the market conditions remain good,” a senior official at Jet Airways told The Telegraph.
Tail Winds, a company registered in the Isle of Man, holds almost the entire 80 per cent promoters’ stake in Jet Airways.
25/03/08 The Telegraph

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Categories: Jet Airways Mar 2008