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Jet Airways Cuts Losses; Can Sell Shares In Open Market

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Shares in Jet Airways recouped some of earlier losses of as much as 5.6 per cent to trade down 2.6 per cent after SEBI 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 per cent of the company's share capital through the stock exchange route.
 
Jet had on 30 May' 2013 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 per cent of its shares held by public shareholders as of June 3.
 
At 10:40 p.m., 180,000 Jet shares were traded in a block deal transaction at 512 rupees apiece.

(Reuters)


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