Jet Airways shares surge on report of stake sale

MUMBAI Mon Dec 3, 2012 12:20pm IST

A Jet Airways Boeing 737-800 aircraft takes off from the Chhatrapati Shivaji international airport in Mumbai November 26, 2012. REUTERS/Danish Siddiqui

A Jet Airways Boeing 737-800 aircraft takes off from the Chhatrapati Shivaji international airport in Mumbai November 26, 2012.

Credit: Reuters/Danish Siddiqui

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MUMBAI (Reuters) - Shares in Jet Airways(JET.NS) rose over 7 percent on a report in Mint newspaper that the airline will soon seek regulatory approval to tweak its ownership pattern to facilitate a stake sale to Etihad Airways.

The gains on Monday come on the back of a 57 percent rise in the carrier's shares in November on speculation over a deal with Etihad Airways.

Rival SpiceJet Ltd (SPJT.BO) shares were also up 6 percent.

Jet Airways and SpiceJet, battling hot competition and high operating costs, are in talks to sell minority stakes to foreign investors, said a senior Indian government official with knowledge of the discussions.

(Reporting by Abhishek Vishnoi)

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