Etihad says not obliged to make an offer for Jet’s minority shareholders

March 13, 2014 10:53 am

Etihad Airways has rejected any obligation to make an open offer for minority shareholders of India’s Jet Airways, PTI has reported, citing unnamed sources. While the Abu Dhabi-based has told Securities and Exchange Board of India (SEBI) that it has not violated any securities law by not making an open offer, the capital market regulator is now seeking further clarity on the issue from other agencies including fair trade watchdog CCI, Finance Ministry and Aviation Ministry. SEBI had earlier contended that an open offer might not be required if Etihad is classified as a ‘public shareholder’ after buying Jet’s 24% stake, it had put a caveat saying this observation could change if some other regulator points out at transfer of control in this deal.