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.

Comments

M.Abdul Rahman
 - 
Wednesday, 15 May 2019

Wish Jet Airways start flying again soon

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News Network
May 11,2020

Bengaluru, May 11: Janata Dal (Secular) leader HD Kumaraswamy on Monday asked Chief Minister BS Yediyurappa to urge PM Narendra Modi to give a 'COVID Package' to Karnataka.

In a series of tweets, Kumaraswamy said that Yediyurappa should raise the demand during the course of the meeting scheduled to be held today with the PM, which will also be attended by Chief Ministers of other states.

"Prime Minister Narendra Modi will hold talks with CMs from different states on coronavirus control and lockdown today. The state's CM BS Yediyurappa will also be in it. At this meeting, BSY should urge Modi to offer a 'COVID Package' to the state," Kumaraswamy's tweet, roughly translated in English from Kannada, read.

In subsequent tweets, the JDS leader said that, "The central government has set up a PM Cares Fund for the fight against Corona. As MPs, entrepreneurs and citizens have made generous donations. BSY must convince Modi that the state has not received adequate financial support from the Center so far."

He further said that the package could be utilised for "medical procedures", "financial compensation for the affected people."

Kumaraswamy also said that "In addition to the 'COVID Package', other dues from the Center, including GST dues, flood relief, etc should also be asked for by BS Yediyurappa at the meeting with Modi."

PM Narendra Modi will hold a meeting, through video conference, with state Chief Ministers on Monday at 3 pm to discuss the prevailing COVID-19 situation in the country.

The Prime Minister had earlier interacted with Chief Ministers four times over the COVID-19 situation via video conferencing.

The upcoming interaction comes days ahead of the scheduled ending of the nationwide lockdown.

The ongoing lockdown, which was imposed to contain the spread of coronavirus, is scheduled to end on May 17.

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News Network
April 15,2020

New Delhi, Apr 15:  Union Health Minister Dr Harsh Vardhan on Wednesday said that both Maharashtra and Karnataka are in a bit of trouble due to spike in COVID-19 cases.

"Bihar is not in so much trouble right now, but definitely, Maharashtra is in a bit of trouble, particularly Mumbai and as well as Karnataka," said Vardhan in a video conference meeting while speaking about surge in COVID-19 tally in the country.

"But I was happy to see the confidence of 3 secretaries more particularly when Maharashtra Secretary said with confidence 'we will take care of it'," he said.

According to the ministry, Maharashtra is the worst-affected state with 2,687 cases of which 259 patients have recovered/discharged while 178 patients have lost their lives due to the virus.

Karnataka has confirmed 277 positive COVID-19 cases, including 75 cured and discharged and 11 deaths.

India's tally of coronavirus cases has risen to 11,933, said the Union Ministry of Health and Family Welfare on Wednesday.

Out of the total tally, 10197 cases are active while 1344 patients have been cured/discharged and migrated and 392 people have succumbed to the virus.

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News Network
February 17,2020

Bengaluru, Feb 17: The Karnataka govt has set up an exclusive helpline 104 'Arogya Sahayavani' for Coronavirus assistance to people with recent travel history to China and other affected countries, a statement said here on Monday.

According to the statement, the Karnataka Department of Family and Welfare set up the exclusive helpline 104, 'Arogya Sahayavani' on Sunday. People, who recently traveled to China and other affected countries and who have developed symptoms of Covid-19 virus are requested to immediately contact 104–Arogya Sahayavani or the health authorities and provide all necessary details in order to take precautionary measures.

The World Health Organization (WHO) has declared the recent novel Coronavirus (COVID 2019) as an International Public Health Emergency of International Concern.

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