The deal is cleared with four conditions which include
Jet Airways must seek government permission to change the existing Share Holder's Agreement (SHA).
The Cabinet Committee of Economic Affairs (CCEA) to be moved only if Jet-Etihad agree to conditions
Articles of Association should override SHA
Chairman to be allowed to bring matters for Board consideration without 3/4th majority.
Meanwhile, civil aviation minister Ajit Singh also confirmed the news saying that the deal is cleared by the FIPB but he is yet to see official report.
Singh further said that clearance of Jet-Etihad deal will restore faith of investors in India story. He further added that all issues pertaining to place of business have bee resolved and there will be lot more clarity on bilateral treaty between Abu Dhabi and India soon.
According to sources, the financial ministry has also not raised any issues pertaining to Jet Air'schairman, Naresh Goyal's NRI status. Earlier, the ministry wanted to have a clearer picture on the beneficial ownership of the Jet-Etihad deal venture.
Earlier, inorder to comply with market regulator Securities and Exchange Board of India's (Sebi) 25% minimum public shareholding norm, Jet Air on May 31 sold 5 percent of its promoters' stake through offer for sale (OFS) route and block deal.
"The company's promoter Tailwinds Ltd has through an OFS/block deal sold 43.17 lakh (amounting to 5% stake) equity shares through the stock exchanges," Jet Airways said in a filing to the exchanges around two months ago.
Shares of Jet Airways closed the day at Rs 412.20, up over 4 percent on anticipation that the FIPB will clear the deal post market hours.
On June 13, FIPB had deferred its decision with respect to the deal owing to lack of clarity with respect to the ownership structure of the company and also the effective control that Etihad would get post the deal is completed.
Later, Jet and Etihad had to revised their shareholders and investment agreement and then had submitted the revised proposal to regulatory authorities including FIPB. Most changes are likely to be with respect to the issue of effective control that has been raised by most of the regulatory authorities. Also, as per the revised agreement Etihad will not have a majority seat on the board of Jet Airways.
Also Read: Etihad agrees to cut number of directors on Jet board
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