Jet Airways Closes Share Purchase Transaction of Sahara Airlines Limited

20 Apr 2007

Pursuant to an agreement concluded last week, Closure has been effected today of the Share Purchase Agreement of January 2006 between Jet Airways and the Selling Shareholders of Sahara Airlines Limited, Jet Airways has accordingly today acquired all the shares of Sahara Airlines Limited.

With the closure of this transaction Sahara Airlines Limited has become a wholly owned subsidiary of Jet Airways effective today. It is the intention of Jet Airways to operate Sahara Airline as a separate entity whilst improving the operational and financial performance of the business by leveraging the size of Jet Airways. It is also proposed to rebrand the airline as JetLite in due course.

A small management team from Jet Airways, headed by Mr. Garry Kingshott, has been deputed to manage the business and effect takeover of the airline by Jet Airways.

The stock closed the day at Rs.687.10, up by Rs.45.95 or 7.17%. The stock hit an intraday high of Rs.697.70 and low of Rs.648. The total traded quantity was 1195625 shares at an average price of Rs.674.02 resulting in a turnover of Rs.8058.75 Lakhs.

Source : Equity Bulls

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