Etihad Airways and Jet Airways recently announced that the airlines closed the transaction for the subscription of a 24 percent equity stake by Etihad Airways in Jet Airways. All requisite Indian regulatory approvals had been obtained by 12 November 2013.
Jet Airways has, on November 20, 2013, issued and allotted 27,263,372 equity shares of a face value of Rs. 10 each at a price of Rs. 754.7361607 per equity share on a preferential basis to Etihad Airways. Consequent to the above allotment, the paid up share capital of Jet Airways stands increased to 11,35,97,383 equity shares of Rs. 10 each.
Following this issue and allotment of the said equity shares on a preferential basis to Etihad Airways, Etihad Airways holds 24 percent of the post issue paid up share capital of Jet Airways (on a fully diluted basis).
Additionally, James Hogan and James Rigney, being nominee Directors of Etihad Airways, have been appointed as additional directors on the board of directors of Jet Airways as from 20 November 2013.
“Together with Etihad Airways, Jet Airways would enhance connectivity for tourists, business travelers, Indian families and the wider travelling public,” Naresh Goyal, Chairman of Jet Airways said.