Analyse if Jet–Etihad open-offer was triggered: CCI to Sebi

Dec 17, 2013, 09.05 PM IST

The competition regulator (CCI), however, has reiterated that in its view, the joint control between Etihad and Jet Airways does exist.

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Analyse if Jet–Etihad open-offer was triggered: CCI to Sebi

The competition regulator (CCI), however, has reiterated that in its view, the joint control between Etihad and Jet Airways does exist.

Like this story, share it with millions of investors on M3

Analyse if Jet–Etihad open-offer was triggered: CCI to Sebi

The competition regulator (CCI), however, has reiterated that in its view, the joint control between Etihad and Jet Airways does exist.

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In what seems like yet another hurdle in the Jet Airways -Etihad deal,  the Competition Commission of India has asked market regulator, Securities and Exchange Board of India (Sebi) to analyse whether the open offer issue has been triggered in the deal.

The competition regulator, quoting its incompetence, has asked the market regulator to take a call on the same, but has meanwhile reiterated that in its view the Abu Dhabi-based Etihad Airways does enjoy joint control over Jet Airways .

Also read: SEBI may re-examine its order on Jet-Etihad: Sources

CCI has further asked Sebi to analyse what impact the open offer is likely to have on minority shareholders and corporate governance and if the takeover code parameters need application. 

CCI has said its views come on the back of the nature of the transaction and not number crunching.

The CCI had, in November, ruled in favour saying Etihad would have joint control of Jet. These views, however, are in exact contradiction of what the market regulator had said. Sebi, while giving its nod to the deal, said it reserves the right to declare Etihad as a person acting in concert if any other regulator or agency decides that Etihad is acquiring control over Jet.

Jet Airways stock price

On December 17, 2013, Jet Airways closed at Rs 267.70, up Rs 6.00, or 2.29 percent. The 52-week high of the share was Rs 688.60 and the 52-week low was Rs 260.35.

The latest book value of the company is Rs 0.00 per share. At current value, the price-to-book value of the company was 0.00.

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