Jet Airways is likely to sign a term sheet and announce a 24 per cent stake sale to Abu Dhabi’s Etihad Airways on Friday, sources said. The deal, once concluded, would be the first instance of foreign direct investment in a domestic carrier by an overseas airline firm since the sector was opened up in September 2012.
“The deal is likely to happen in two tranches wherein there will be a direct sale of shares in the first tranche and then a second tranche will see issue of fresh equity and warrants,” a person familiar with the development said.
“Post the deal, Naresh Goyal will continue to be promoter and chairman but the board will be expanded to include some nominees of Etihad,” the person said. FE