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Shares of Jet Airways today rose over 4 per cent after market regulator SEBI said that Abu Dhabi-based carrier Etihad does not have to make an open offer for the Indian company’s shareholders pursuant to the Rs 2,060-crore stake deal between them.
Jet’s stock rose 4.13 per cent to Rs 245.80 on the BSE. On the NSE, it gained 3.93 per cent to Rs 245.50.
At 12.24 p.m., the Jet stock was trading up 2.31 per cent at Rs 241.50 on the BSE and higher by 2.37 per cent at Rs 241.80 on the NSE.
In a major relief for Jet Airways and Etihad, SEBI had yesterday said that Etihad does not have to make an open offer for Jet shareholders.
learing the regulatory hurdles for the high profile deal, the Securities and Exchange Board of India also ruled that Etihad “has not acquired control over Jet’’.
Etihad purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.
“...the fact that existing promoters hold 51 per cent shares and voting rights in Jet strengthen the stand of SEBI as communicated to the Ministry of Finance vide letter dated September 25, 2013 that Etihad cannot be termed as a person acting in concert along with the existing promoters of Jet under... Takeover Regulations, 2011,” the regulator had said in its order.
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