Shares of Jet Airways , country's second largest airline company, surged 7 percent in early trade today, to touch a new 52-week high of Rs 594, after media reports suggested that the company may raise Rs 1600 crore from the stake sale to Etihad.
Jet Airways, which has been in talks with Etihad Airways to offload 24 percent stake, also plans to have a marketing alliance with the premier Gulf carrier , sources said. "Apart from sale of stake, the two airlines are expected to have a marketing agreement along with sharing of some flying slots under the air traffic rights," add sources.
Yesterday, Jet said it has expanded its code-share arrangement with Japan's All Nippon Airways . Code-sharing allows an airline to book its passengers on its partner carriers and provide seamless transport to multiple destinations where it has no presence.
At 09:58 hours IST, the stock rose 4.83 percent to Rs 581.50 on the National Stock Exchange, which also rallied 5 percent yesterday.
Market capitalisation of the company currently stands at Rs 5,020.32 crore.
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