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Jet Airways gains 5% on fresh credit from PNB, likely revival plan by Etihad

Sources said Etihad will consider fund infusion into Jet under bank-led provisional resolution plan and the final decision will be taken later today.

March 11, 2019 / 11:47 AM IST
 
 
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Jet Airways shares rallied nearly 5 percent after a media report indicated that company received fresh credit from Punjab National Bank. Also sources said Etihad Airways board of directors will discuss revival plan for the company.

The stock was quoting at Rs 249.85, up Rs 6.75, or 2.78 percent on the BSE, at 11:28 hours IST.

Jet Airways (India) has secured fresh credit facilities of Rs 2,050 crore from state-run Punjab National Bank (PNB) that could provide a temporary lifeline to the cash-strapped airline, and the money will be used for its working capital needs, the Mint said.

Furthermore, the board of directors of Etihad Airways, which owns 24 percent stake in the company, will meet today to discuss a revival plan for Jet Airways, reports CNBC-TV18 quoting unnamed sources.

Sources said Etihad will consider fund infusion into Jet under bank-led provisional resolution plan and the final decision will be taken later today.

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Etihad had already proposed investment of $100 million into Jet in last lenders meet and wants to cap its stake at 24.5 percent to avoid open offer.

Source said, NIIF backed by ADIA may take about 19.5 percent stake in Jet Airways and lenders will bring down their stake in Jet to 32 percent, and promoter Naresh Goyal to around 20 percent from 51 percent now.
Moneycontrol News
first published: Mar 11, 2019 11:47 am

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