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India: Jet Airways, JetLite get shareholders’ nod for merger

By  |  April 24, 2016

Domestic carrier Jet Airways on Saturday announced it had won shareholders’ approval for the Jet Airways-JetLite merger. According to the airline, the merger would result in greater efficiency from the merged entity.

In a regulatory filing to the Bombay Stock Exchange, Jet Airways said: “The equity shareholders of the company have approved the scheme of merger between JetLite (India) Ltd and Jet Airways (India) Ltd and their respective shareholders and creditors.”

The Bombay High Court on April 18 had directed the airline to hold a meeting of shareholders on April 22 to “consider” the proposal of the merger of JetLite and Jet Airways, Press Trust of India reports.

The airline was also quoted as saying by PTI: “The merger would lead to unfettered access to cash flow generated by the combined business, which can be deployed more effectively to maximise shareholders value.”

Full Content: The Hindu

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