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Jet Airways said on Wednesday that its promoter, Tail Winds Ltd, has set a minimum price of Rs 510 a share for the five per cent stake-sale that will happen on Thursday to meet SEBI’s minimum public shareholding requirement of 25 per cent.
Tail Winds is owned by the airline’s Chairman Naresh Goyal.
Currently, 80 per cent of the airline’s stake is held together by the promoter group. The stake-sale comes a week after the airline’s shareholders approved the company’s proposal to sell a 24 per cent stake to Etihad Airways for about Rs 2,058 crore.
In a filing to the BSE, the airline said that it has submitted a notice of offer-for-sale of 43.17 lakh equity shares of the face value of Rs 10 each of the company, representing approximately five per cent of the total paid-up equity share capital of the company on May 30.
The airline is likely to raise about Rs 220 crore by diluting five per cent of its stake by way of OFS.
> nivedita.ganguly@thehindu.co.in
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