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Jet ends 17 per cent up on Etihad deal nod speculation

Shares in Jet Airways ended 17.4 per cent higher on Friday after traders said the Foreign Investment Promotion Board (FIPB) was likely to approve a planned stake sale to Etihad Airways.
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Mumbai:

Shares in Jet Airways ended 17.4 per cent higher on Friday after traders said the Foreign Investment Promotion Board (FIPB) was likely to approve a planned stake sale to Etihad Airways.

Jet Airways and Etihad Airways officials were not immediately reachable for comment on the market speculation.

A spokesman for the Finance Ministry, which oversees FIPB, declined to comment.

(Also read:Etihad agrees to cut number of directors on Jet board, says report)

The FIPB, which clears foreign direct investment (FDI) proposals, is scheduled to consider the Jet-Etihad deal at its meeting on Monday and traders said it may be approved.

The FIPB last month deferred a decision on Jet's plan to sell a 24 per cent stake to Etihad.

Copyright: Thomson Reuters 2013



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