​Shares of Jet Airways India snapped a two day fall

Jet Airways India Ltd., the 2nd largest private air carrier, snapped a 2-day fall on Thursday after the company announced it would merge a wholly-owned subsidiary with itself.

Jet Airways' board approved the scheme of merger by way of transfer of the undertaking Jet Lite (India) with itself along with its respective shareholders and creditors. The scheme is subject to compliance with all applicable laws and regulations, receipt of all relevant corporate, regulatory, governmental, judicial approvals and third party consents. The appointed date of the scheme is 1 April 2015. The existing shares held by Jet Airways and its nominees in Jet Lite (India) shall stand cancelled without any consideration and Jet Lite (India) shall stand dissolved without winding up.

Jet Airways purchased Air Sahara's operations 8 years ago and branded the airline as Jet Lite, which had a differential pricing aimed at the lower income market.

Jet Airways rose 6.2 rupees, or 1.9 percent, to 323.55 rupees on the National Stock Exchange where 9 lakh shares were traded versus the 5-day average of 16 lakhs.

Jet has seen its market capitalisation rise 43 percent in the past one year to 3,700 crore rupees mainly on account of a sharp fall in jet fuel prices, its main input cost