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
»
2-min read

Jet Airways' Lenders to Invite Bids for Stake Sale on Apr 6; Also Ready to Look at Other Options

The bids would be invited on April 6 and the last date for submission would be April 9, the lenders said in a statement.

PTI

Updated:April 4, 2019, 10:18 PM IST
facebookTwittergoogleskypewhatsapp
Jet Airways' Lenders to Invite Bids for Stake Sale on Apr 6; Also Ready to Look at Other Options
Representative image.
Loading...
New Delhi: Amid uncertainty over future of Jet Airways, the consortium of SBI-led lenders on Thursday said bids for selling stake would be invited on April 6 and other options would be explored in case the stake sale efforts does not result in an "acceptable outcome".

After taking stock of the current situation at cash-strapped Jet Airways, 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 expressions of interest for selling stake in the ailing airline would be invited on April 6 and the last date for submission of bids would be April 9, a statement issued by the SBI on behalf of 26 lenders said.

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

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

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

The statement was issued after a nearly three-hour meeting of the lenders in the national capital. The meeting was chaired by SBI Chairma Rajnish Kumar, who earlier in the day met several government officials in the finance and civil aviation ministries.

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.

On Wednesday, Naresh Goyal, also former chairman of the airline, said he had agreed to every term and condition laid down by lenders to ensure timely release of funds for the airline.

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

Earlier in the day, Civil Aviation Secretary Pradeep Singh Kharola said Jet Airways is currently operating a fleet of 26 planes and the airline right now fulfils the criteria for operating on international routes.

Jet Airways, which is grappling with acute financial woes, had a fleet of around 119 planes.
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