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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
May 2,2020

Udupi, May 2: During the lockdown period the Department of Public Library digitised more books to the Karnataka Digital Public Library (KDPL).

According to the data released by the KDPL issued here on Saturday , as on April 29, 89,239 people from the State have already registered for the digital library.  From these 1,807 are from Dakshina Kannada district and 605 from the Udupi district.

The digital library already has a repository of 35,500 e-books, 4,800 videos, 59,980 e-journals and 1,112 items for children.

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News Network
January 20,2020

Mysuru, Jan 20: As the Karnataka state Congress is still awaiting the appointment of Karnataka Pradesh Congress Committee (KPCC) President, MLA Satish Jarkiholi has said that in order to balance the caste and regional equations, All India Congress Committee (AICC) was planning to create four working presidents posts for KPCC.

Talking to media personnel here on Sunday, Mr Jarkiholi, who is considered to be in the race for the post, said that a clear picture about the constitution of additional posts of the working president in the KPCC would emerge in a week.

He added that it has been delayed due to the Assembly elections in Delhi.

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News Network
March 25,2020

Bengaluru, Mar 25: Bengaluru Police Commissioner Bhaskar Rao on Wednesday called a meeting of online, e-commerce food, medicine, groceries or animal products delivery aggregators at his office in wake of situation arising out of lockdown imposed in the entire country due to coronavirus epidemic.

The Police Commissioner has appealed one representative from each agency to join him in the meeting at 7 pm.

"I have called a meeting of online, e-commerce food, medicine, groceries, vegetables/fruits or animal products delivery aggregators today at 7 pm at my office at Infantry Road, Bengaluru," said Rao.

"One representative from each agency may please come. We promise all cooperation, please come," he said.
The Indian Council of Medical Research (ICMR) on Wednesday confirmed 539 positive cases of coronavirus in the country.

Prime Minister Narendra Modi had on Tuesday announced a 21-day lockdown in the entire country effective from midnight to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease, which spreads rapidly.

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