Jet-Etihad deal Approved by SEBI (Securities Exchange Board of India)
Jet-Etihad deal was approved by SEBI (Securities Exchange Board of India) on 1 October 2013
Jet-Etihad deal was approved by SEBI (Securities Exchange Board of India) on 1 October 2013. Jet Airways had proposed to sale 24 percent stake to Abu Dhabi-based Etihad. The Jet-Etihad deal was announced in April 2013 and because of objections from regulators the deal was stuck half-way. The proposal will now be considered by the Cabinet Committee on Economic Affairs.
The Competition Commission of India (CCI) had also asked for changes in the original deal. The two parties had informed the fair trade regulator about the changes in the deal and approval from the CCI is expected soon.
SEBI informed the Finance Ministry about its decision on 25 September 2013.
With this deal in place, Jet eventually has a 51 per cent stake in the company, Etihad 24 per cent and the public the remaining 25 per cent.