Jet Airways rallies on regulatory nod to Etihad for stake buy in Jet unit
The stock has rallied 9% to Rs 230 on the Bombay Stock Exchange.
Jet Airways (India) has surged 9% to Rs 230 on reports that the Competition Commission of India (CCI) on Wednesday approved Etihad’s 50.1% stake buy in Jet Privilege Private Ltd (JPPL), a customer loyalty programme unit of Jet Airways.
“Under this deal, Etihad will acquire a 50.1% stake in JPPL subsequent to the hiving off of Jet’s loyalty business into the subsidiary on a going concern basis,” PTI report suggests.
However, valuation of this deal has not been disclosed.
The stock opened at Rs 218 and touched a high of Rs 232 on the BSE. The counter has seen a huge trading activity with a combined 2.1 million shares already changed hands till early morning deals against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.
Source: Business Standard
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