Jet surges on reports Etihad may buy stake from owners

Shares in Jet Airways extended gains to more than 13% on Friday, after a news channel reported that Abu Dhabi's Etihad Airways may buy a 10-12% stake in the company directly from promoters.

Etihad may pay as much as Rs 750 a share for the stake, the report said.

Etihad has been in talks with Jet to buy a 24% stake, government sources have told Reuters.

The channel said Etihad may buy the remaining stake by issuing preferential shares.