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Monday 16 December 2019
Economy Business State Bank seeks bid for troubled Jet Airways

State Bank seeks bid for troubled Jet Airways

State Bank leads the group of lenders that has lent money to Jet Airways and has now taken over the control of the airline

Mumbai/New Delhi: The State Bank of India (SBI) has invited bids to sell stakes in Jet Airways that is struggling with a financial crisis.

According to publicly available information, SBI is considering “a change in management and control” of Jet Airways.

State Bank leads the group of lenders that has lent money to the airline.

SBI Capital Markets will assist and help lenders in the bidding process. Bids can be submitted until 10 April.

It is worth mentioning here that, under the debt settlement scheme, a group of lenders has taken over control of Jet Airways. Under the debt relief scheme approved by the board of Jet Airways on 25 March, the lenders took a majority stake in the airline and are in the process of raising capital of Rs 1,500 crore.

Apart from this, the founder of the airline Naresh Goyal, along with his wife Anita Goyal, resigned from the board of directors some time ago.

Goyal’s share in the company has dropped from 51% to 25%.

Last week, the group of lenders had said that they would extend the solution plan in a time-bound manner under the existing legal and regulatory framework.

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