Jet Airways Ltd shares recoup some of earlier losses of as much as 5.6 percent to trade down 2.6 percent after India’s capital markets regulator allowed the carrier to offload shares in the open market after its previous attempt at an offer-for-sale (OFS) was under-subscribed.
* The Securities and Exchange Board of India (SEBI) allowed Tail Winds Ltd,part of the Jet founder group,to sell up to 1.54 percent of the company’s share capital through the stock exchange route.
* Jet had on Thursday tried to offload shares via an OFS – a different sale method – but was unable to attract enough demand,sending shares lower.
* The sale is being done to comply with market regulator rules that listed private companies must have at least 25 percent of its shares held by public shareholders as of June 3.
* At 0510 GMT,180,000 Jet shares were traded in a block deal transaction at 512 rupees apiece.