Jet Airways India to allot 27,263,372 shares to Etihad Airways

The Board of Directors of Jet Airways (India) Ltd at its meeting held on April 24, 2013, has approved a preferential allotment of 27,263,372 equity shares of the face value of Rs. 10/- (Rupees Ten only) to Etihad Airways PJSC at a price of not less than Rs. 754.7361607 (including premium of Rs. 744.7361607 per share) per Equity Share.

The preferential allotment is subject to compliance with applicable laws and regulations, shareholders and other necessary approvals. The approval of the shareholders for such issuance and allotment will be sought at an Extraordinary General Meeting to be held in this regard. The Board of Directors has granted approval for the Company and Etihad PJSC to enter into the Investment Agreement in relation to such issuance and allotment and other documents incidental thereto.

The said preferential allotment is subject to various conditions precedent including regulatory approvals.

Shares of Jet Airways (India) Ltd was last trading in BSE at Rs.635.20, up by Rs.61.35 or 10.69%. The stock hit an intraday high of Rs.688.60 and low of Rs.628.65.

The total traded quantity was 22.60 lakhs compared to 2 week average of 7.22 lakhs.

Source : Equity Bulls

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