Sebi relaxes OFS norm for Jet

Sebi has relaxed the 12-week cool-off period requirement for Jet Airways to enable it to conduct an Offer for Sale (OFS) before the impending deadline. Jet plans to conduct an internal transfer of shares to Chairman Naresh Goyal from the Isle of Man registered company, Tailwinds. At present, Isle of Man-registered Tailwinds owns 79.9 per cent stake in Jet Airways. After the transfer, the same will be owned directly by Goyal. According to the norms, a company conducting such a transfer has to observe a cooling-off period of 12 weeks before launching an OFS.