Jet Airways scrip gains on rejig of ownership structure

Jet Airways shares on Tuesday gained near 2 per cent after promoter Naresh Goyal announced plans to bring down his stake in the company to meet the Sebi requirement of 25 per cent floating shares.

The change has been called for after Abu Dhabi-based Etihad Airways decided to buy a 24 per cent stake in the airline for about Rs 2,054 crore.

Tail Winds, which owned almost 79.99 per cent of Jet before the deal, will transfer a majority of its stake to Jet owner Goyal, and sell additional shares to funds and other investors to comply with the public float rules.

Funds and other investors currently own 20 per cent stake in the airline.

Shares of Jet Airways extended gains on Tuesday, closing 1.93 per cent higher at Rs 621.35 on the Bombay Stock Exchange. The scrip gained 2.05 per cent to Rs 621.15 on the National Stock Exchange.

Meanwhile, the BSE Sensex jumped 116.68 points to 19,504.18.

With inputs from agencies