The share prices of Kingfisher Airlines rose 4.97% to close at R15.67 on the Bombay Stock Exchange on Tuesday on the back of reports in a section of the media that the cash-strapped carrier was in talks with Abu Dhabi-based Etihad Airways for sale of equity.
As per the reports, the Gulf carrier Etihad is close to buying about 49% stake in Kingfisher for $550.3 million and an announcement in this regard is expected shortly.
Interestingly, Etihad Airways is also reported to be in talks with Jet Airways to buy 24% stake in the company for R1,600 crore. On Tuesday the company announced the expansion of its code sharing agreement with Etihad for the Abu Dhabi-Paris route.
The carriers already have code share from Abu Dhabi for Mumbai, Delhi, Cochin, Thiruvananthapuram, Kozhikode, Chennai and Hyderabad. Jet’s share also rose 4.18% at R537.60 on the BSE on Tuesday.