As part of the new shareholding structure to meet the government’s foreign direct investment (FDI) norms, Jet Airways promoter Naresh Goyal will directly own controlling stake in the airline company. The change had been called for after Abu Dhabi-based Etihad Airways decided to buy a 24% stake in the airline for about Rs 2,054 crore.
Goyal's Tail Winds, which holds almost 80% of Jet Airways, will transfer a majority of its stake to the Jet owner, Naresh Goyal and will divest a 5% stake to meet SEBI's 25% public float requirements. Funds and other investors currently own 20% stake of Jet.
The airline has not unveiled the time-frame for selling the additional shares to public but SEBI has set a June-end deadline for complying with the public shareholding norms. Meanwhile, Jet would hold an extraordinary general meeting (EGM) on May 24 to seek shareholders’ approval for allotment of 27 million preference shares of Rs 754.73 each to Etihad.
