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Last Updated : May 13, 2019 10:13 AM IST | Source: Moneycontrol.com

Jet Airways falls 5% after Etihad emerges as the only non-binding bidder out of 4 suitors

"Etihad re-emphasises that it cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways’ required recapitalisation," an Etihad spokesperson said.

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Share price of Jet Airways fell over 5 percent intraday on May 13 after Etihad Airways was the only shortlisted suitors out of the four which has submitted a non-binding bid for cash strapped airline. Etihad Airways holds 24 percent stake in Jet Airways.

"Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet’s return as a viable and competitive Indian airline, and continues to do so," CNBC-TV18 reported citing Etihad.

The airline said the bid is a non-binding one as it has terms and conditions.

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"Etihad re-emphasises that it cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways’ required recapitalisation," an Etihad spokesperson said.

The other three contenders are TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF).

"As part of the process, sealed bids were to be submitted by May 10, 2019, by the qualified bidders. Sealed bid from Etihad Airways PJSC has been received and the same will be submitted to lenders for examination. Few unsolicited offers have also been received which the lenders may deliberate upon subsequently," SBI Capital Markets said.

The airline temporarily suspended all operations on April 17 due to a lack of funds to keep the airline afloat after lenders led by State Bank of India declined the management’s request to infuse emergency capital into the airline, which is saddled with over Rs 8,500 crore of debt.

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First Published on May 13, 2019 10:13 am
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