Deal struck at 31% premium to previous day’s share price; values India’s second largest carrier at $1.58 billion.
JM Financial and IFC hold 11.7% and 7.3% stake, respectively, which they picked up with a total investment of $14.02 million in 2008.
This is the third investment by Tano in the past one year after betting on Development Credit Bank and Shilpa Medicare.
The debt-laden carrier was forced to halt operations last Oct and its flying licences expired at the end of 2012, but the company has a 2-yr window to get them back.
Etihad, which is expanding globally, has been in talks over an equity stake in Jet after India allowed foreign airlines to buy up to 49% in local carriers.
The Hyderabad-based group’s flagship firm Navayuga Engineering raised PE funding from 3i Group in 2006.
Eredene has a portfolio of nine principal investments in India.
The candidates were short listed by Tata Sons and AirAsia’s chief is inclined to appoint an unnamed executive from Chennai.
Etihad, which was expected to sign a deal to pick around 24% in Jet Airways by February 19, will now conclude the deal by March 21, say sources.
The sudden display of caution by Etihad Airways over taking a stake in Jet Airways is the legacy of a string of failed forays by Gulf investors into India.
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