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
July 5,2020

Bengaluru, Jul 5: Karnataka Chief Minister BS Yediyurappa has asked officials to ensure that all necessary arrangements for COVID-19 patients must be carried out efficiently and transparently, Medical Education Minister Dr K Sudhakar said.

"Karnataka is in a better position due to the efforts and hard work of ministers, doctors, officials and all staff. The cases have increased in Bengaluru and some other districts in last few days due to various reasons. We all have to work hard and contain the spread of virus," Dr Sudhakar told media on Saturday.

"Responsibilities related to policy formulation, preparation of guidelines, communication to media and management of war room have been assigned to me. Deputy Chief Minister Ashwath Narayan has been given the responsibility of managing COVID-19 care centres and Revenue Minister R Ashoka and Chief Minister's political secretary Vishvanath have been given the responsibility of managing private hospitals. The Chief Minister has instructed all of us to work in synergy," he said.

Dr Sudhakar said the matter of imposing lockdown in the state again was discussed in the task force meeting. "I and Deputy Chief Minister suggested that lockdown is not necessary at this stage. The Chief Minister will take a decision on this matter," he added.

Home Minister Basavar Bommai, Health Minister B Sriramulu, Revenue Minister R Ashoka and senior officials were present in the task force meeting.

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News Network
March 29,2020

Mangaluru, Mar 29: The test report of the man from Uppoor in Udupi district, who committed suicide fearing he had contracted coronavirus infection, has returned negative for the virus.

Health department officials in Udupi said the post- mortem test report had shown that he did not have the virus infection and asked the people in the area not to panic.

Gopalakrishna Madivala (56), had hanged himself on Wednesday suspecting he had the disease, leaving a death note to family members asking them to stay safe.

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News Network
June 27,2020

Bengaluru, Jun 27: Karnataka Chief Minister B S Yediyurappa on Saturday emphasised on giving a new dimension to the city by strengthening the infrastructure and improving various other sectors including health and housing.

He was speaking at the groundbreaking ceremony of the 108-feet-tall bronze statue of Kempe Gowda, the founder of Bengaluru, at the Kempegowda International Airport near here. The statue would be built at a cost of Rs 66 crore in one-and-half years.

Yediyurappa said Bengaluru has earned the fame of Garden City and Silicon Valley of India. Noting that the state capital was one of the fastest-growing cities in the world and internationally acclaimed hub of information technology and biotechnology, he said, "We need to give a new dimension to this city and strengthen the infrastructure. We have to focus on health, housing, pollution control, traffic management. Our government has taken various measures to develop the city," the chief minister said.

On Kempe Gowda, Yediyurappa said though the city did not have a perennial river, he built hundreds of lakes and interconnected them. His water management reflects on his foresightedness, he added.

"Kempambudhi, Dharmambudhi, Sampaniram and Halasuru lake are among the major lakes gifted to the people of Bengaluru. He had set up the markets called Chickpet, Akkipet, Balepet, Kumbarpet, are still the major trade hubs," Yediyurappa said.

Former Prime Minister H D Deve Gowda, Union Minister of State for Railways Suresh Angadi, deputy chief ministers Govind Karjol, Dr C N Ashwath Narayan, Laxman Savadi and many other ministers were present on the occasion. The event was organised on the 511th birth anniversary of Kempe Gowda. Kempe Gowda was a chieftain of Vijayanagara dynasty who founded Bengaluru around 550 years ago.

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