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Jetihad is born. Jet Airways completes 24% stake sale to Etihad Airways – Bangalore Aviation

Jetihad is born. Jet Airways completes 24% stake sale to Etihad Airways

November 20, 2013 Comments Off on Jetihad is born. Jet Airways completes 24% stake sale to Etihad Airways 289 Views

Abu Dhabi-based Etihad Airways and Mumbai-based Jet Airways today announced that they have closed the transaction of a 24% equity stake by Etihad Airways in Jet Airways.

Jet Airways Boeing 777-300ER VT-JEG performing flight 9W117 from London approaches Mumbai airport
Jet Airways Boeing 777-300ER VT-JEG performing flight 9W117 from London approaches Mumbai airport.

In a release they said

“All requisite Indian regulatory approvals had been obtained by November 12th, 2013. Jet Airways has, on November 20th, 2013, issued and allotted 27,263,372 equity shares of a face value of Rs. 10 each at a price of Rs. 754.7361607 per equity share on a preferential basis to Etihad Airways.

Consequent to the above allotment, the paid up share capital of Jet Airways stands increased to 11,35,97,383 equity shares of Rs. 10 each. Following this issue and allotment of the said equity shares on a preferential basis to Etihad Airways, Etihad Airways holds 24 per cent of the post issue paid up share capital of Jet Airways (on a fully diluted basis).”

Mr. James Hogan, CEO, and Mr. James Rigney, CFO of Etihad Airways have been appointed as additional directors on the board of directors of Jet Airways as from November 20th, 2013.

Mr. Goyal and Mr. Hogan confirmed that the collaboration between the airlines would commence immediately with a view to delivering network and service benefits to customers as soon as possible.

About Devesh Agarwal

A electronics and automotive product management, marketing and branding expert, he was awarded a silver medal at the Lockheed Martin innovation competition 2010. He is ranked 6th on Mashable's list of aviation pros on Twitter and in addition to Bangalore Aviation, he has contributed to leading publications like Aviation Week, Conde Nast Traveller India, The Economic Times, and The Mint (a Wall Street Journal content partner). He remains a frequent flier and shares the good, the bad, and the ugly about the Indian aviation industry without fear or favour.

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