Shares of Jet Airways on Tuesday rose over 3 per cent, logging its best daily gain in over a month, after its promoter Tail Winds offloaded 7.89 per cent stake in the company for over Rs. 211 crore.
Jet Airways’ scrip settled for the day at Rs. 320.55, up 3.27 per cent from the previous close on BSE. During the day, the stock gained 4.36 per cent to Rs. 323.95. On the NSE, the scrip closed 2.90 per cent higher at Rs. 321.
On October 3, shares of the airline rose by 4.25 per cent.
Tail Winds, a promoter of Jet Airways, on Monday offloaded 7.89 per cent stake for over Rs. 211 crore in the open market, as Naresh Goyal-led Indian carrier gears up to complete the 24 per cent stake sale to Etihad.
Tail Winds sold a total of 68,15,843 shares - amounting to 7.89 per cent stake - at an average price of Rs. 310.15 apiece, pegging the transaction value at Rs. 211.41 crore.
Last week, fair trade regulator CCI had approved the proposed acquisition of 24 per cent stake in Jet by Etihad.
Tail Winds used to hold majority of promoter shares till some months ago. Under the proposed deal with Etihad, Goyal would eventually have a 51 per cent stake in the company, while 24 per cent stake would be held by Etihad and the remaining 25 per cent will be with public shareholders.
Meanwhile, in another open market transaction, Merrill Lynch Capital Markets Espana had picked up 29 lakh shares (or 3.35 per cent stake) of Jet for around Rs. 90 crore. Besides, Deutsche Securities Mauritius purchased 12.60 lakh shares (or 1.39 per cent stake) of the carrier for Rs. 39 crore. These two foreign entities bought these scrips at a price of Rs. 310 per share.