Etihad-Jet ink RoFR clause in share-purchase deal

Abu Dhabi-based Etihad and Jet Airways have signed a right to first refusal (RoFR) as a part of the share-purchase agreement , reports CNBC-TV18, quoting sources. The RoFR is subject to FDI regulations and is also applicable not only to equity but also to assets and international routes.

Sources say that the RoFR also has a lock-in period of six years and Etihad has the right to seek damages on the event of a breach in the contract. The date of the preferential allotment is expected to be announced in a few weeks and subject to regulatory clearances, the deal is expected to be completed in three months time.

Jet Airways on Wednesday signed a deal to sell 27.3 million shares to Etihad for Rs 754.74 per share.

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