Naresh Goyal-promoted Jet Airways is likely to raise Rs 253 crore through divesting its 5 percent stake of the promoter to meet the Sebi norms of 25 percent public float, which is likely to be done before May 30.
Goyal and other promoters hold 80 percent in Jet Airways and the 5 percent stake dilution is required to conform to market regulator's minimum 25 percent float norm, which has to be met by June 30.
Post the offer for sale (OFS) and 24 percent proposed stake sale to Etihad Airways, Goyal's holding will come down to 51 percent.
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.
29/05/13 PTI/moneycontrol.com
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Goyal and other promoters hold 80 percent in Jet Airways and the 5 percent stake dilution is required to conform to market regulator's minimum 25 percent float norm, which has to be met by June 30.
Post the offer for sale (OFS) and 24 percent proposed stake sale to Etihad Airways, Goyal's holding will come down to 51 percent.
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.
29/05/13 PTI/moneycontrol.com
