Stocks of Jet Airways today fell as much as six per cent in morning trade on the bourses as the company’s offer to sell over 43.17 lakh shares via OFS route got subscription for just 70 per cent.
The issue received 29,86,022 bids, as against 43,17,697 shares on offer, according to the NSE data.
Reacting to this shares of the company opened on a weak note at Rs 508.80, then slumped 5.66 per cent to an intra-day low of Rs 498.60 on the BSE.
Similar movement was witnessed on the National Stock Exchange as well, where the stock opened at Rs 505, then fell 5.59 per cent to an intra-day low of Rs 498.90.
Jet Airways-promoter Tail Winds had set the floor price at Rs 510 a share for 5 per cent stake-sale through the offer for sale (OFS) route which was aimed at reducing promoters’ stake to meet SEBI guidelines of 25 per cent public float.
As per March shareholding data, Goyal and other promoters hold 80 per cent in Jet Airways.
As part of the OFS and Etihad deal, last week Goyal had bought back around 28 per cent holding from the promoter company Tail Wind, which is fully-owned by him.