Shares of Jet Airways pared some of its last week's gains and fell over 6 percent to Rs 503.65, despite media reports stating that it has approached the civil aviation ministry for acquiring around six slots that currently belong to defunct Kingfisher Airlines.
Last Friday, even as the airline's deal with Etihad came to a standstill, its shares surged over 9 percent after it sold three of its slots at Heathrow Airport for USD 70 million to the Gulf-based carrier (Etihad), further strengthening its commercial relations with the carrier.
Meanwhile, Jet Air is in talks with Eithad for a possible stake sale deal since September last year, but has not yet announced it officially due to negotiations getting stuck on certain issues.
According to CNBC-TV18 sources, Jet Air is learnt to have revised certain clauses pertaining to the Etihad deal. The airline has agreed to give four seats to Etihad on its Board.
Jet Air may also be open to price negotiations as well. The Jet-Etihad deal valuation is likely to be revised.
Earlier, the deal was stuck when Etihad said that instead of two it would want four members of Jet's board. It had also said that in future
The deal was likely to be announced last week, but Hamed bin Zayed al-Nahayan, chairman of Etihad Airways, told media that there were certain issues to be dealt with, before signing agreement with Jet Air.
Since September last year, reports of likely Jet-Etihad started doing rounds and it was only in December that Jet confirmed about it, saying that it is still in negotiation phase. "As and when the deal will happen, we will make an announcement," it had said.
Etihad is keen to pick up 24 percent stakes in Jet Air at around USD 330 million. Both parties still need to discuss issues related to Board composition and revenue sharing model.
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