Jet pays Rs400 crore to close Air Sahara buyout deal
20 April 2007
Jet has paid Rs400 crore, which it was required to pay by April 20 - the deadline set by the arbitration panel - to the promoters of Air Sahara. This marks the closure of the deal, company sources said.
Under the revised offer, approved by arbitrators, all shares of Air Sahara will be transferred to Jet for Rs1,450 crore, which includes the Rs500 crore Jet paid last year.
Jet was asked to pay Rs400 crore on or before April 20 and another Rs550 crore in four interest-free equal annual instalments starting March 2008.
There is, however, confusion over the actual deal size with Air Sahara president Alok Sharma maintaining that the enterprise value was "close to Rs2,000 crore.
Jet officials, meanwhile, have started entering the offices of Air Sahara as part of the amalgamation process, the sources said.
