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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
April 9,2020

Gadag, Apr 9: An 80-year-old woman who tested positive for COVID-19 passed away on Thursday due to cardiac arrest in Gadag, the district's Deputy Commissioner said.

She also had a history of Severe Acute Respiratory Infection (SARI). Her body was disposed of as per the protocol, officials said.

According to the Karnataka Government, 10 new positive cases have been reported in the State today, taking the total COVID-19 cases to 191, including 28 discharged patients and six deaths.

With an increase of 540 positive COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases has risen to 5,734, said the Ministry of Health and Family Welfare on Thursday.

Out of the 5,734 cases, 5,095 are active COVID-19 cases and 472 patients have recovered while 166 have died.

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News Network
March 6,2020

Bengaluru, Mar 6: Karnataka home minister Basavaraj Bommai on Friday said he has asked police to enhance the security of Congress leaders and former ministers UT Khader and Tanveer Sait.

"Threat perception has been there for some time now, all the more after the attack on Tanveer Sait. Their (Congress MLAs UT Khader and Tanveer Sait) security is necessary. I have intimidated them. I have asked police to enhance their security," Bommai told media persons.

"After the assault on Tanveer Sait, the police told me that there were some intelligence reports and asked to me to take proper security. They have given one police man for the name's sake," Khader said.

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News Network
March 24,2020

Udupi, Mar 24: Four people, including two women, suspected to have infected with Coron were admitted to the hospitals in Udupi district

According to the District Administration, in all, 51 samples were sent to the laboratory for test and 40 samples have been tested negative.

The result of remaining 11 swabs were awaited.

At least 21 people had been admitted to the isolation wards of hospitals in the district. Nine had been discharged from the isolation wards after they recovered from the health complications on Monday, it further said.

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