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Jet Airways shares slump after reports of Etihad's non-binding offer

Agencies
May 13, 2019

Bengaluru, May 13: Bengaluru: Shares of Jet Airways Ltd fell as much as 11.4 per cent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Etihad, which owns an about 24 per cent stake in Jet, submitted a bid for the airline, the unit of State Bank of India (SBI) overseeing the sale of the stricken carrier said on Friday.

That had raised hopes of a bailout for cash-strapped Jet, which has about USD 1.2 billion in bank debt.

The Mint newspaper said on Monday that Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80 per cent haircut on their outstanding loans to Jet Airways, the newspaper said, citing banking sources.

Shares of the carrier, which have tumbled almost 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet and SBI were not immediately available for comments.

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M.Abdul Rahman
 - 
Wednesday, 15 May 2019

Wish Jet Airways start flying again soon

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News Network
June 29,2020

Bengaluru, June 29: The Karnataka government on Monday issued guidelines to conduct online classes for all students of ICSE, CBSE and SSLC under the directions of the High Court.

According to the guidelines, for the kindergarten students, online classes can be held 30 minutes a week and students in classes 1-5 will have online classes for 30-45 minutes divided into two periods for three alternate days every week.

For students in classes 6-8, the online classes will be for 30-45 minutes divided into two periods for five days every week while students in classes 9 and 10 can have the virtual classes for 30-45 minutes divided into four periods for five days a week.

Earlier, the state government barred online classes for the kids from LKG to class 5.

Minister for primary and secondary education S Suresh Kumar had said that online classes cannot be held for the kids from LKG to class V.

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News Network
May 18,2020

Bengaluru, May 18: Senior Congress leader and former Union Minister Mallikarjuna Kharge on Monday slammed the State Government’s decision to appoint administrative committees to Panchayats, which completes their five-year term, shortly.

Speaking to media persons, the Congress leader described the State Government’s decision on appointing committees as a ‘death knell ‘ to the basic characters of the Panchayat bodies, which were elected on a non-party basis.

Strongly recommending the BJP-led government to desist from its decision, Kharge urged Chief minister B S Yediyurappa to extend the term of the elected bodies of the Panchayats by six months.

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coastaldigest.com news network
June 29,2020

Bantwal, Jun 29: Seven SSLC students, who were on their way to write the examination, were injured in a road mishap near Panemangaluru on Monday.

According to sources, the auto-rickshaw in which the students were travelling overturned causing them injuries.

All the injured were students of Shambur Government high school.

Police said the accident took place as the driver lost control over the vehicle.

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