Jets Goyal buys R1,670-cr shares from Tail Winds

Written by fe Bureau | New Delhi | Updated: May 31 2013, 08:38am hrs
Tail Winds, the Isle of Man registered promoter company of Jet Airways, sold 3.18 crore shares to Naresh Goyal on Thursday for R1,670.28 crore at a price of R525 per share. The transaction follows a bulk deal earlier this month where Goyal purchased 2.51 crore shares from Tail Winds at a price of R1,433 crore.

After completion of Thursdays bulk deal, Naresh Goyal directly owns 65.93% of Jet Airways current equity share capital. The transaction nearly completes transfer of Tail Winds holding in Jet Airways directly to Naresh Goyals name. After the bulk deal, Tail Winds had only 1.21 crore shares in Jet Airways and the promoter company also undertook an offer for sale on Thursday where it sold 43 lakh shares.

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This was required before Abu Dhabis Etihad Airways can buy into Jet Airways, as investment from Tail Winds was considered to be foreign investment since the RBI has ended the concept of overseas corporate body and considers such investments to be foreign investment.

In April, Jet Airways agreed to issue 2.73 crore shares on a preferential basis to Etihad Airways, or 24% stake of expanded share capital. Post the deal, Goyal is slated to hold 51% in the airline while Tail Winds, wholly owned by Goyal, will cease to be a shareholder.