Tail Winds sells 7.89 per cent of its stake in Jet Airways

Tail Winds, a promoter entity of Jet Airways, offloaded 7.89-per cent stake for over Rs 211 crore in the open market on Monday as the Naresh Goyal-led carrier gears up to complete the 24-per cent stake sale to Etihad Airways.

According to information available with bourses, 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.

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.

At the end of September quarter, Tail Winds held 68,15,843 shares, equivalent to 7.89 per cent holding, of Jet.

In another open market transaction on Monday, Merrill Lynch Capital Markets Espana 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.

Last week, Competition Commission of India, had approved the proposed acquisition of 24-per cent stake in Jet by Etihad. Etihad is acquiring this stake for Rs 2,058 crore in a deal that was announced in April.

Among others, the deal has been already cleared by market watchdog Securities and Exchange Board of India, Foreign Investment Promotion Board and Cabinet Committee of Economic Affairs.