Naresh Goyal buys 37% stake in Jet; total holding 66%

Jet Airways chairman Naresh Goyal on Thursday picked up nearly 37-percent stake in the company from  another promoter entity for about Rs 1,670 crore and took his direct stake in the private carrier to about 66 percent.

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The shares were purchased from Jet Airways' currently main promoter entity Tail Winds. Last week, Goyal had purchased 29 percent stake from Tail Winds for about Rs 1,434 crore. The transactions are part of Jet Airways' plan to make Goyal its main promoter with at least 51 per cent stake in his personal capacity. Jet's board and shareholders have already approved allotment of shares on preferential basis for sale of 24 percent stake to Abu Dhabi-based Etihad Airways.

After the completion of Jet-Etihad deal, Jet has proposed to have 51 percent stake with Goyal,  24 percent with Etihad and remaining 25 percent with the public.

An OFS for sale of shares to public investors undertaken by the company today could get only 69 percent subscription. According to information available with the stock exchanges, Goyal purchased 3.18 crore shares, amounting to 36.85-percent stake, of Jet Airways in his personal capacity.

The scrips were bought on an average price of Rs 525 valuing the transaction to Rs 1,670.3 crore. At the end of March quarter, Tail Winds held 6.90 crore shares or 79.99 per cent stake in Jet Airways, while Goyal owned 9,995 scrips, amounting to 0.01 per cent holding, in the company in his personal capacity.