Jet Airways (India) has soared as much as 20% to Rs 404 on back of heavy volumes on reports that Foreign Investment Promotion Board (FIPB) will consider the company’s proposed stake sale to Abu Dhabi-based carrier Etihad on Monday.
The stock opened at Rs 335 and hit a low of Rs 333 in early morning deals on NSE. A combined 4.68 million shares representing 22% of free-float of total equity of the company changed hands till 1023 hours against an average around one million shares that were traded daily in past two weeks on NSE and BSE.
FIPB, which has circulated Jet's response to stakeholder ministries, will consider the proposal on Monday along with Sebi's views on the deal, the media report suggests.
Ahead of a crucial meeting next week, FIPB is scrutinising the commercial cooperation agreement between Jet Airways and Etihad Airways to ensure control is not passed on to the Abu Dhabi-based airline, the Business Standard report suggests.
The stock opened at Rs 335 and hit a low of Rs 333 in early morning deals on NSE. A combined 4.68 million shares representing 22% of free-float of total equity of the company changed hands till 1023 hours against an average around one million shares that were traded daily in past two weeks on NSE and BSE.
FIPB, which has circulated Jet's response to stakeholder ministries, will consider the proposal on Monday along with Sebi's views on the deal, the media report suggests.
Ahead of a crucial meeting next week, FIPB is scrutinising the commercial cooperation agreement between Jet Airways and Etihad Airways to ensure control is not passed on to the Abu Dhabi-based airline, the Business Standard report suggests.
