Jet Airways (India) rose 2.13% to Rs 326.40 at 12:00 IST on BSE after the company's board approved the scheme of merger by way of transfer of undertaking of company's wholly owned subsidiary, Jet Lite (India) with the company.
The company made announcement after market hours yesterday, 2 September 2015.
Meanwhile, the BSE Sensex was up 245.22 points, or 0.96%, to 25,698.78.
On BSE, so far 1.83 lakh shares were traded in the counter, compared with an average volume of 4.73 lakh shares in the past one quarter.
Shares of mid-cap airline company hit a high of Rs 332 and a low of Rs 322.90 so far during the day. The stock had hit a 52-week high of Rs 543.50 on 2 February 2015. The stock had hit a 52-week low of Rs 203.50 on 26 September 2014.
Jet Airways (India) announced that the board of directors of the company at its meeting held yesterday, 2 September 2015 has approved the scheme of merger by way of transfer of the undertaking of company's wholly owned subsidiary, Jet Lite (India) with Jet Airways and their respective shareholders and creditors. The scheme is subject to compliance with all applicable laws and regulations, receipt of all relevant corporate, regulatory, governmental, judicial approvals and third party consents. The appointed date of the scheme is 1 April 2015. The existing shares held by Jet Airways and its nominees in Jet Lite (India) shall stand cancelled without any consideration and Jet Lite (India) shall stand dissolved without winding up.
Jet Airways (India) reported net profit of Rs 221.70 crore in Q1 June 2015 as against net loss of Rs 217.65 crore in Q1 June 2014. Total income rose 15.2% to Rs 5507.33 crore in Q1 June 2015 over Q1 June 2014.
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