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Last Updated : Jul 31, 2020 11:47 AM IST | Source: Moneycontrol.com

Jet Airways acquiring six Boeing aircraft, share price up 4%

Jet Airways acquired the six aircraft and their engines against a lump sum of $13,000,000, which it raised from the sale of its office building in the Bandra-Kurla Complex business area of Mumbai.

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Jet Airways share price jumped over 4 percent intraday on July 31 on BSE after the troubled domestic carrier acquired six Boeing aircraft and their engines.

Jet Airways acquired six Boeing aircraft and their engines against a lump sum payment of $13,000,000, which it raised from the sale of its office building in the Bandra-Kurla Complex (BKC) business area of Mumbai.

The lessor Fleet Ireland had held back the aircraft due to non-payment of dues, the Hindu BusinessLine had reported.

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Moneycontrol could not independently verify the report.

The airline has faced a series of accusations of not paying dues and has even been dragged to the National Company Law Tribunal (NCLT) since it was grounded in April 2019.

Creditors are closing watching the resolution plan for the airline submitted by two bidders—a consortium of Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi-based Imperial Capital Investments LLC and the second group is Kalrock Capital and a UAE-based entrepreneur Murari Lal Jalan.

The stock, which has gained over 14 percent in the past 15 days, was trading at Rs 29.25, up Rs 1.35, or 4.84 percent at 1128 hours. It has touched an intraday high of Rs 29.25 and an intraday low of Rs 26.55.

The company's net loss ballooned to Rs 5,538 crore for the year ending March 31, 2019, as compared to a loss of Rs 767 crore a year earlier, hurt by a substantial increase in fuel costs and other expenses. Its standalone revenue was marginally down by 2.6 percent to Rs 23,314 crore from Rs 23,958 crore, a year earlier.
First Published on Jul 31, 2020 11:47 am
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