Jet Airways rallies 50% in past one week on stake sale buzz
In order to increase its public share-holding to at least 25% by June 3, 2013, the prompter have to reduce their stake by 5% as per Sebi norms
Jet Airways (India) has rallied over 18% at Rs 599, extending its past few days surge, on reports that the private airliners may issue fresh shares to Etihad Airways, the Abu Dhabi-based carrier at around Rs 800 per share to reduce its debt. However, the company has denied that it had any such plan.
Meanwhile, in order to increase its public share-holding to at least 25% by June 3, 2013, the prompter have to reduce their stake by 5% as per Sebi norms. Naresh Goyal-owned Company Jet Airways having total promoter holding of 80% as on today.
The stock opened at Rs 525 and has seen huge trading activities on the counter. As many as a combined 4.4 million shares have already changed hands on the counter in morning trades against an average sub 4 million shares that were traded daily in past ten trading days.