Jet Airways share sale via OFS under-subscribed

Jet Airways offer to sell over 43.17 lakh shares via OFS route was today subscribed a little over 69%, enabling the carrier to raise over Rs 222 crore.

The issue received 29,86,022 bids till 1530 hrs, as against 43,17,697 shares on offer, the NSE data showed.

Jet Airways-promoter Tail Winds had set the floor price at Rs 510 a share for 5% stake-sale through the offer for sale (OFS) route which was aimed at reducing promoters' stake to meet SEBI guidelines of 25% public float.

Shares of the company today settled 1.22% lower at Rs 528.55 on the BSE.

As per March shareholding data, Goyal and other promoters hold 80% in Jet Airways.

As part of the OFS and Etihad deal, last week Goyal had bought back around 28% holding from the promoter company Tail Wind, which is fully-owned by him.

Jet Airways has reported a higher net loss of Rs 495.53 crore for the fourth quarter ended March 31 compared to loss of Rs 298.12 crore in the same period year-ago.