Jet-Eithad deal at ‘Rs.750 per share’

Etihad Airways may pick up a 24% stake in Jet Airways, says report
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First Published: Fri, Jan 25 2013. 11 12 PM IST
A file photo of Jet Airways aircraft at Mumbai International Airport. Photo: Abhijit Bhatlekar/Mint
A file photo of Jet Airways aircraft at Mumbai International Airport. Photo: Abhijit Bhatlekar/Mint
Updated: Fri, Jan 25 2013. 11 13 PM IST
Mumbai: Non-resident Indian (NRI) promoted Naresh Goyal-promoted, Jet Airways (India) Ltd., and Abu Dhabi-based Etihad Airways have reportedly reached an agreement whereby Etihad may pick up a 24% in Jet, according to a CNBC-TV18 report on Friday.
Jet Airways, according to the report, has been valued at $1.25 billion — at Rs.750 a share. At today’s closing price of Rs.611.85 per share (Jet’s shares were up 4.26% while the benchmark Sensex closed 0.9% up to end at 20103.5), the deal reflects a 22.6% premium to the current market price.
However, Mint could not independently verify the details of the transactions. Jet executives were not available for a comment.
The Union government in September 2012 had allowed foreign airlines to invest upto 49% stake in local airlines. Jet Airways had confirmed that it is in talks with Etihad Airways for potential investment.
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First Published: Fri, Jan 25 2013. 11 12 PM IST
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