The much talked about Jet-Airways-Etihad deal may be structured in two tranches and will be signed within three months, exclusive sources told CNBC-TV18. The deal is still at a due diligence stage, it is learnt.
Jet Air and Etihad have not confirmed the stake sale news but sources say, the deal may be a combination of fresh issue and secondary sale of shares.
Promoter Naresh Goyal is likely to sell 15% directly in first tranche and Etihad will increase its stake further via a fresh issue. . Etihad is likely to hold up 23-24% stake post the completion of the deal since the Middle East-based carrier is not eyeing a majority stake in company.
Proceeds of the stake sale will be used to retire Rs 12,000 crore debt, Jet has on its books.
29/11/12 moneycontrol.com
