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1-min read

Jet Airways Shares Up 3% on Revival Hopes

The scrip went up by 2.85 per cent to close at Rs 151.80 on the BSE. During the day, it gained 6.91 per cent to Rs 157.80.

PTI

Updated:May 10, 2019, 6:23 PM IST
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Jet Airways Shares Up 3% on Revival Hopes
File photo of Jet Airways flight. (Photo: Reuters)

New Delhi: Shares of Jet Airways rose by nearly 3 per cent Friday after SBI chairman Rajnish Kumar said the lenders have received two "unsolicited" bids for the company and "one" more is expected by the end of the day, keeping the hopes for the revival of the grounded carrier alive.

The scrip went up by 2.85 per cent to close at Rs 151.80 on the BSE. During the day, it gained 6.91 per cent to Rs 157.80. In terms of traded volume, 21.26 lakh shares were traded on the exchange during the day.

The consortium of 26 lenders, led by State Bank of India, which now owns 51 per cent in the airline, had invited expressions of interest (EoIs) between April 8 and 12 and had received four preliminary bids.

"Two unsolicited bidders have submitted EoI for Jet and we are expecting one more bid by the end of the day," Kumar told reporters at the earnings conference in Mumbai.

Jet Airways stopped operations on April 17 due to acute financial distress. The BSE had sought clarification from Jet Airways Thursday with respect to news that regional director report finds instances of siphoning of funds.

In a clarification to the BSE, Jet Airways Friday said, "Please note that the Regional Director, Western Region, Ministry of Corporate Affairs had, in September 2018, conducted an inspection and sought certain details and documents.

"Further details/documents were sought in April, 2019. The company had provided the required details/documents and no further communication has been received by the company in this matter."

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