Etihad Airways Takes 24% Stake in Jet Airways

Etihad Airways has taken a 24% equity stake in Jet Airways.

On 20 November 2013, Jet Airways issued and allotted 27,263,372 equity shares of a face value of Rs. 10 each at a price of Rs. 754.7361607 per equity share on a preferential basis to Etihad Airways.

Consequent to the allotment, the paid up share capital of Jet Airways stands increased to 11,35,97,383 equity shares of Rs. 10 each.

Following this issue and allotment of the said equity shares on a preferential basis to Etihad Airways, Etihad Airways holds 24% of the post issue paid up share capital of Jet Airways (on a fully diluted basis).

Additionally, Mr James Hogan and Mr James Rigney, being nominee Directors of Etihad Airways, have been appointed as additional directors on the board of directors of Jet Airways as from 20 November 2013.

Mr. James Hogan, President and Chief Executive Officer of Etihad Airways said, “India is one of the largest and fastest-growing markets in the world and a key part of the Etihad Airways growth strategy. Through this association, Etihad Airways and Jet Airways will both be strengthened, as will the economies of India and the UAE. By linking our two networks and adding new flights, new routes and more code-share options, travel to, from and within India will become much easier.”