Naresh Goyal-promoted Jet Airways on Friday said that the Securities and Exchange Board of India (Sebi) has allowed its promoter company, Tail Winds, to undertake another offer for sale to shed 1.54% stake and meet the minimum 25% public shareholding norm.
On Thursday, Tail Winds offered to sell nearly 43 lakh shares via the OFS mechanism and got bids for around 30 lakh shares, accounting for 3.5% stake in Jet Airways. The next tranche of sale for another 1.54% shares could be done on Monday.
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In a seperate statement to the stock exchanges on Friday, Jet said that after Thursday?s OFS, the company has complied with the minimum public shareholding norms of 25% as stipulated by applicable regulatory requirements.
Typically, a 12-week cool-off period is required for companies to undertake successive stake dilution via OFS.
Tail Winds is already in the process of transferring its stake in Jet Airways to chairman Naresh Goyal. The promoter company has sold nearly 66% stake in Jet Airways to Goyal through two bulk deals.
The transactions are part of Jet Airways? plan to make Goyal its main promoter with at least 51% stake in his personal capacity. Jet?s board and shareholders have already approved allotment of shares on preferential basis for sale of 24% stake to Abu Dhabi-based Etihad Airways.
After the completion of Jet-Etihad deal, Jet has proposed to have 51% stake with Goyal, 24% with Etihad and remaining 25% with the public.On Friday, Jet?s shares closed 5.36% lower on the BSE at R500.20.