Naresh Goyal buys 1.11% stake in Jet Airways from Tail Winds

The scrips were purchased on an average price of Rs 345 valuing the transaction at Rs 33.13 crore

Jet Airways Chairman Naresh Goyal today picked up over one per cent stake in the airline from another promoter entity, Tail Winds, for over Rs 33 crore.

 

Goyal has acquired 960,369 equity shares, accounting for a 1.11 per cent stake, in Jet Airways from Tail Winds through open market route, as per information available with the stock exchanges.

     

The scrips were purchased on an average price of Rs 345 valuing the transaction to Rs 33.13 crore, the data showed.

     

Goyal currently holds 5.7 crore shares or 65.99 per cent stake in Jet, which would rise to 67.1 per cent after the proposed share purchase.

     

On the other hand, Tail Winds holds 77.76 lakh equity shares or 9.01 per cent stake in Jet, which declined to 7.89 per cent stake or 68.15 lakh shares after the proposed transactions.

   

Jet Airways has proposed to sell 24 per cent stake in the company to Abu Dhabi-based Etihad Airways for Rs 2,058 crore.

     

Under the proposed deal, Goyal would eventually have a 51 per cent stake in the company, while 24 per cent stake would be held by Etihad and the remaining 25 per cent will be with public shareholders.

     

The share transfer from Tail Winds, which used to hold majority of promoter shares till some months ago, to Goyal is believed to be part of an exercise related to the Etihad deal.

     

Jet Airways had on April 24 announced plans to sell 24 per cent equity to Etihad Airways for about Rs 2,058 crore, the first ever investment by a foreign airline in an Indian carrier.

 

Jet shares today closed at Rs 359.40, up 2.99 per cent from the previous close at the BSE.