Jet Airways Shares Surge on Reports of Stake Sale to Etihad

December 4, 2012 10:11 AM IST

Shares in Jet Airways(JET.NS) rose over 7 percent in early trade on reports that it may sell stake to Etihad Airways.

The Business Standard newspaper reported, citing a government official, that Jet might raise 16 billion rupees from the sale of 24 percent stake to Etihad Airways.

Etihad's chief executive officer said on Tuesday the Abu Dhabi-based airline was in talks with Indian airlines.

"We're involved in negotiations in India," James Hogan said in an interview broadcast on Bloomberg-UTV news channel. He declined to give details.

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Jet Airways has risen 65.3 percent since the start of November, as of Monday's close, on speculation that promoter shareholder is looking to sell a stake.

Shares in other carriers such as SpiceJet (SPJT.BO) rose 4 percent, while Kingfisher Airlines (KING.NS) gained 3 percent.

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