Jet Airways shares up 3% as founder firm plans share sale

Jet Airways shares rose as much as 2.59 percent a day after a founder group company of the carrier said it would sell a stake as part of public float rules.

Abu Dhabi's Etihad Airways agreed last week to acquire a 24 percent stake in Jet. Debarka Banik/Flickr[/caption]

Tail Winds , which owned almost 80 percent of Jet before the deal, will sell shares to Naresh Goyal and other investors to comply with a rule that requires companies to have a minimum 25 percent public shareholding.

Abu Dhabi's Etihad Airways agreed last week to acquire a 24 percent stake in India's No. 1 carrier, giving it a bigger foothold in the fast-growing aviation market.

Reuters