 "Jet Airways gains on board nod for merger with Jet Lite")
Shares of Jet Airways were up over 2% at Rs 326 after the airline's board at its meeting on Wednesday approved a scheme of merger of its loss-making wholly-owned subsidiary Jet Lite (India) Ltd.
It may be recalled that in 2007 Jet Airways had acquired Air Sahara. Following the acquisition Air Sahara was renamed as Jet Lite (India) and at present there are eight Boeing 737s in its fleet. (CLICK HERE FOR THE FULL REPORT)
JetLite has been a loss making subsidiary as result of which Jet Airways had to write-off its entire Rs 1,800 crore equity investment in the subsidiary. Post the merger there would be no need of further write-offs and improve profitability going forward. Jet Airways expects to register profits in 2017.
The share opened at Rs 324 and touched a high of Rs 332. At 10:40AM, over 725,000 shares were traded on both the stock exchanges.
It may be recalled that in 2007 Jet Airways had acquired Air Sahara. Following the acquisition Air Sahara was renamed as Jet Lite (India) and at present there are eight Boeing 737s in its fleet. (CLICK HERE FOR THE FULL REPORT)
JetLite has been a loss making subsidiary as result of which Jet Airways had to write-off its entire Rs 1,800 crore equity investment in the subsidiary. Post the merger there would be no need of further write-offs and improve profitability going forward. Jet Airways expects to register profits in 2017.
The share opened at Rs 324 and touched a high of Rs 332. At 10:40AM, over 725,000 shares were traded on both the stock exchanges.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%