Loss making Jet Airways likely to get over Rs 3,000 crore funds

Loss-making Jet Airways is likely to receive fund infusion worth over Rs 3,000 crore post debt-rejig and investments by Etihad Airways as well as National Investment and Infrastructure Fund (NIIF).

On February 14, Jet Airways’ board approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in the airline. Abu Dhabi-based Etihad, which currently owns 24 percent in the full service carrier, is a strategic partner and is expected to pump in around Rs 1,400 crore, sources said.

According to reports, Founder Naresh Goyal might remain the promoter with less than half of the existing majority stake of 51 per cent, according to sources.

Dubai based, Etihad’s proposed investments would hike its stake only marginally and that would not trigger the requirement for making an open offer for shareholders of Jet Airways under Sebi regulations.

Together, the fresh funding for the airline would amount to about Rs 3,400 crore and Goyal’s stake could reduce to 20 percent from 51 percent at present, sources said.

 

 

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