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Last Updated : May 21, 2019 02:16 PM IST | Source: Moneycontrol.com

Jet Airways rallies 9% as Hinduja Group prepares bid

The London-based conglomerate has received the approval of key stakeholders of the Jet Airways, including founder Naresh Goyal and Etihad Airways

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Shares of Jet Airways rallied 9 percent intraday on May 21 on reports that Hinduja Group is finally set to bid for the grounded airline this week.

"Hinduja Group is evaluating the Jet Airways opportunity," a spokesperson told Moneycontrol. But, he declined to give further details.

The London-based conglomerate has received the approval of key stakeholders of the Jet Airways, including founder Naresh Goyal and Etihad Airways.

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The Hinduja Group has engaged investment bankers led by SBI Capital Markets for due diligence, which will commence soon, media reports said.

Also Read: Evaluating Jet Airways opportunity: Hinduja Group

The report comes a day after the Hinduja brothers, Srichand and GP, reclaimed the title of Britain's wealthiest. Their combined net worth is reportedly 22 billion pounds.

The Hindujas expect the SBI-led consortium of 26 lenders to take a significant haircut, with initial calculations placing the airline’s dues at Rs 12,000 crore, the publication said.

At 1343 hours, Jet Airways was quoting at Rs 143.15, up 8.94 percent on the BSE.

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First Published on May 21, 2019 01:58 pm
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