Jet Airways is preparing to announce a public share sale in order to meet market regulator Securities & Exchange Board of India's (Sebi's) minimum public shareholding norms.

NRI Naresh Goyal-promoted Jet Airways recently hit a stake-sale agreement with Etihad Airways of the United Arab Emirates (UAE). Etihad agreed to acquire a 24 per cent stake in Jet Airways for $379 million.

Mr. Goyal's Tail Winds Ltd, which currently has a 79.99 per cent stake, will sell as much as 12.9 per cent of the carrier's current equity base or 9.79 per cent of the expanded equity base. The stake will be divested in a single or more transactions.

Public investors, including retail and domestic institutions, own nearly 20 per cent stake in the carrier.

Post the stake sale to Etihad and the public share sale, public investors' stake holding in the carrier would jump to 25 per cent, while that of Mr. Goyal will fall to 51 per cent.

Tail Winds will also move its balance stake holding in the carrier to Mr. Goyal.

The company said in a release on Monday "Tail Winds will seek approval from the Reserve Bank of India and the Foreign Investment Promotion Board for this divestment required for compliance with the minimum public share-holding requirement."

As per the company's press release, Tail Winds will transfer 57,923,670 or 64,739,513 shares to Mr. Goyal, depending on the market regulator's response.