Jet shares soar after reports that nod for Etihad deal likely

Shares of Jet Airways India Ltd surged as much as 19.7 per cent this morning after traders reportedly said the Foreign Investment Promotion Board (FIPB) is likely to approve its planned 24 per cent stake sale to Abu Dhabi-based Etihad Airways.

Jet and Etihad officials were not immediately reachable for comment on the market speculation, says the Hindustan Times. A spokesman for India's finance ministry, which oversees the FIPB, also declined to comment.

The FIPB, which clears foreign direct investment proposals, is scheduled to consider the Jet-Etihad deal at a meeting on Monday and traders said it may be approved.

The FIPB last month deferred a decision on the Jet-Etihad deal.