Paving the way for Jet Airways’ proposed sale of 24% stake to Abu Dhabi-based Etihad Airways, market regulator Sebi has opined that the deal in its revised form does not give controlling powers to the foreign carrier and is in compliance with the regulations.
After studying the revised structure, Sebi has observed that the Rs 2,058-crore deal should not trigger a mandatory open offer for purchase of shares from public shareholders and Etihad would not be considered a promoter entity in Jet. However, Sebi has left it to the government to take a final call on the revised commercial cooperation agreement proposed by Jet and Etihad, sources said, while adding that these observations have been issued as per the given facts about the proposed deal.
After studying the revised structure, Sebi has observed that the Rs 2,058-crore deal should not trigger a mandatory open offer for purchase of shares from public shareholders and Etihad would not be considered a promoter entity in Jet. However, Sebi has left it to the government to take a final call on the revised commercial cooperation agreement proposed by Jet and Etihad, sources said, while adding that these observations have been issued as per the given facts about the proposed deal.
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