In a bid to meet the SEBI’s norms of 25% public float, Jet Airways’ promoter Naresh Goyal is planning to divest 5% stake in the company for Rs 253 crore. The promoter will sell the same through offer for sale (OFS) route which is likely to be done before May 30.
Goyal and other promoters hold 80% in Jet Airways and the 5% stake dilution is required to conform to market regulator's minimum 25% float norm, which has to be met by June 30. Post the offer for sale (OFS) and 24% proposed stake sale to Etihad Airways, Goyal’s holding will come down to 51%.
Recently, Jet Airways chairman Naresh Goyal bought 2.51 crore shares or 29.13 per cent stake in the private carrier for about Rs 1,434 crore from another promoter entity Tail Winds, a company incorporated in the Isle of Mann and wholly owned by Goyal.