Shares of Jet Airways rose 5.14 per cent on the bourses on reports of a 24 per cent stake sell to Etihad Airways for Rs 1,600 crore. The deal is expected to be completed by the year-end, according to TV sources.
Jet Airways and Etihad have a code-sharing agreement. “This deal will be profitable to both. Jet would gain a larger market share, while Etihad would get a major exposure in India and also strengthen its position in West Asia. Currently, Emirates and Qatar Airways account for a major chunk of passengers flying from India to West Asia,” said an aviation analyst.
The shares of Jet Airways closed at Rs 555.90, up 5.14 per cent, on the BSE on Monday.