Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

But the job is not done yet!
Vote for the deserving candidate this year.

Check your mail to know more

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
SPONSORED BY
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Bidding Process for Jet Airways Likely to Begin From April 8

Under the debt resolution plan approved by the Jet Airways' board on March 25, lenders have taken majority stake in the airline and are set to infuse Rs 1,500 crore funds.

PTI

Updated:April 7, 2019, 11:28 PM IST
facebookTwittergoogleskypewhatsapp
Bidding Process for Jet Airways Likely to Begin From April 8
Image for representation
Loading...
Mumbai: The bidding process for stake sale in the cash-starved Jet Airways is likely to commence from Monday as the bid document is still to be given a final shape, a source said.

The SBI-led consortium of 26 lenders, which now has the management control of the full-service carrier under a debt-recast plan, last Thursday said bid for the stake sale in Jet Airways airline would be issued on April 6.

"The expression of interest (EoI) for stake sale in Jet Airways will now be issued Monday (April 8)," said the source.

Accordingly, the last date for submission of the bids, which was April 9 earlier, is also likely to be extended by a day to April 10, he said.

SBI is the lead lender to Jet Airways, which has a debt burden of Rs 8,000 crore.

Under the debt resolution plan approved by the Jet Airways' board on March 25, lenders have taken majority stake in the airline and are set to infuse Rs 1,500 crore funds.

Besides, the carrier's founder and promoter Naresh Goyal as well as his wife Anita Goyal quit the board. The shareholding of Goyals have come down to 25 per cent from 51 per cent earlier.

Acute financial crunch has forced the airline to ground aircraft, cancel flights and delay payment of salaries, including to pilots.

Amid uncertainty over future of Jet Airways, the consortium of SBI-led lenders last Thursday said bids for selling stake would be invited on April 6 and other options would be explored in case the stake sale efforts do not result in an "acceptable outcome".

After taking stock of the current situation at the airline, which is currently operating less than 30 planes, the lenders said they would pursue resolution plan for the carrier in a time-bound manner under the present legal and regulatory framework.

"The lenders are cognisant that the outcome of efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company," the statement issued by lenders last week said.

"Whilst all efforts will be made for the stake sale by lenders, other options may be considered by the lenders should these efforts not result in an acceptable outcome," it said.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
T&C Apply. ARN EU/04/19/13626
 
Most Active
Company Price Change %Gain
Reliance 1,385.95 3.14
PC Jeweller 145.15 -0.55
Interglobe Avi 1,554.40 -1.74
Tata Motors 236.25 2.49
Infosys 717.05 -0.97
Company Price Change %Gain
SpiceJet 136.25 2.68
PC Jeweller 145.20 -0.55
HDFC Bank 2,290.15 -0.63
Reliance 1,382.90 2.79
Jet Airways 163.90 -32.23
Top Gainers
Company Price Change %Gain
Reliance 1,385.95 3.14
JSW Steel 299.15 2.73
Tata Motors 236.25 2.49
BPCL 362.90 1.51
Wipro 284.80 1.39
Company Price Change %Gain
Reliance 1,382.90 2.79
Tata Motors 235.90 2.32
Asian Paints 1,465.35 0.65
TCS 2,145.50 0.61
Coal India 251.75 0.22
Top Losers
Company Price Change %Gain
Yes Bank 255.80 -4.00
Indiabulls Hsg 800.55 -3.83
Hindalco 207.20 -3.61
Vedanta 178.60 -3.43
Zee Entertain 402.30 -3.19
Company Price Change %Gain
Yes Bank 255.30 -4.18
Vedanta 178.70 -3.51
IndusInd Bank 1,764.00 -2.86
Tata Steel 542.85 -1.77
Larsen 1,360.75 -1.57

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results