Mumbai: Jet Airways has sold 43.17 lakh shares through exchanges in two tranches to comply with Sebi's mandate of 25% minimum public shareholding in a listed company, the promoters said on Friday. Tail Winds, the company incorporated in the Isle of Man, sold 5% stake through an offer for sale and block deals on the bourses.
Jet had launched its offer for sale issue on Thursday, but since it attracted subscription for about 70% of the offer, it was able to sell only 3.46% stake in the airline. It again sought the approval from Sebi to sell the remaining 1.54% stake through block deals on the floor of the exchange on Friday, which was granted by the regulator.
While giving permission, Sebi said the stake sale should be done in a bona fide manner to unrelated non-promoter entities through the regular market segment.
In a separate development, Naresh Goyal acquired 66% stake from Tail Winds, to comply with Indian laws before Jet divests 24% to Etihad Airways.
01/06/13 Economic Times
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Jet had launched its offer for sale issue on Thursday, but since it attracted subscription for about 70% of the offer, it was able to sell only 3.46% stake in the airline. It again sought the approval from Sebi to sell the remaining 1.54% stake through block deals on the floor of the exchange on Friday, which was granted by the regulator.
While giving permission, Sebi said the stake sale should be done in a bona fide manner to unrelated non-promoter entities through the regular market segment.
In a separate development, Naresh Goyal acquired 66% stake from Tail Winds, to comply with Indian laws before Jet divests 24% to Etihad Airways.
01/06/13 Economic Times
