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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 3,2020

Bengaluru, May 3: Karnataka Education Minister S Suresh Kumar on Saturday said that those who want to travel from other states to Karnataka and vice-versa must register on 'Sevasindhu' website.

"Those who want to travel from other states to Karnataka and from Karnataka to other states must register on 'Sevasindhu' website, then all intimation will be shared from the government side," Kumar said.

Karnataka Health Department on Saturday said that three deaths and 12 new COVID-19 cases were reported in last 24 hours in the state.

According to the Health Department, the total number of coronavirus positive cases in the state is now 601. 271 patients have either been cured or discharged. The virus has killed 25 people so far in the state.

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News Network
March 29,2020

Kannur, Mar 29: A non-resident Keralite (NRK)

under home quarantine here since he returned from Sharjah recently died on Sunday, officials said.

According to health authorities, Abdul Khader (65), a resident of Kannariparamba, was kept under home quarantine after he returned from abroad on March 21.

Police said the man had no symptoms of coronavirus but was under isolation as per Covid-19 protocol for persons returning from abroad and other states.

"The relatives of the deceased took him to hospital after seeing him unconscious in his room. However he died before reaching the hospital," police said.

Quoting medical college authorities, the Mayyil police said he died of cardiac arrest.

However, the health officials said they will test his blood sample to ascertain whether he was affected with novel coronavirus.

The body has been kept at the Kannur medical college and will be handed over to his kin only if the result of his blood test is negative, sources said.

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News Network
April 4,2020

Mangaluru, Apr 4: The chemistry department of National Institute of Technology-Karnataka (NIT-K) here has started producing hand sanitizers in view of its shortage in the market after the coronavirus outbreak.

The social initiative led by Arun Isloor, professor and head of the department, was launched by NIT-K director K Uma Maheshwar Rao.

The raw materials needed for this product were provided by the institute.

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