HindustanTimes Fri,29 Aug 2014

Jet Airways gains nearly 20% after Etihad buys 24% stake

Reuters  Mumbai, April 25, 2013
First Published: 09:24 IST(25/4/2013) | Last Updated: 19:51 IST(30/4/2013)

Shares in Jet Airways Ltd rose nearly 20%, its daily upper limit, in pre-open trade after Gulf carrier Etihad Airways said it is taking almost a quarter stake in Jet Airways at Rs. 754.74 per share, a 31.7% premium to Jet's closing share price on Tuesday.


Etihad will also invest an additional $150 million in Jet's frequent flyer programme and spend $70 million to buy Jet's three pairs of Heathrow slots through the sale and leaseback agreement announced in February.

The deal sets a valuation benchmark for further investment in Indian airlines, with budget carrier SpiceJet Ltd frequently the subject of stake sale reports.

Spicejet rose 13.6%, while Kingfisher Airlines Ltd gained 3.7%.

more from Business

Reform of industrial disputes act recommended in report

A report by the Centre for Public Affairs and Critical Theory, Shiv Nadar University says that an amended industrial disputes act should not assume a confrontational relationship between workers and management.
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved