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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 15,2020

Bengaluru, Apr 15: Amir-e-Shariat Maulana Sagir Ahmad Khan Rashadi, Maulanaon Wednesday urged people to compulsorily follow the lockdown restrictions during the month of Ramdan.

Ramazan fastings should not be missed without valid reasons. As already mentioned, five namaz of the day should be performed at home and do not go to Mosques.

Taraweeh Namaz should be performed at home along with family members, he said at a meeting of Imarat-e-Sharia leaders held at Darul Uloom Sabilurrashad (Arabic College) in the city.

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News Network
May 20,2020

New Delhi, May 20: In further relaxation of lockdown rules, domestic flights will begin operations from May 25 in a calibrated manner. Currently, only cargo and evacuation flight services are allowed.

The nationwide lockdown to halt the spread of coronavirus is in place till May 31. However, certain relaxations have been allowed.

All airports and air carriers are being informed to be ready for operations from next week, tweeted civil aviation minister Hardeep Singh Puri.

The standard operating procedures for passenger movement will be separately issued by the ministry, said the minister.

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News Network
August 4,2020

Bengaluru, Aug 4: Janata Dal (Secular) leader and MLA Satyanarayana passed away today due to multiple organ failure. He was 67.

Satyanarayana was representing Tumakuru’s Sira constituency in the Karnataka Legislative Assembly. He is survived by five daughters and one son.

It is learnt that he was suffering from multiple organ ailments from the past few days and was recently admitted to Manipal Hospital in the city. He breathed his last at 12:20 p.m.

He contested from JDS and worked three times as MLA and 2 times as MP. He was the chairman of KSRTC during the coalition government led by HD Kumaraswamy.

Former Prime Minister HD Devegowda mourned his death and said, “It is a shock to hear the demise of former minister and my close friend. We are friends from the past 3 decades and I cannot recall the days without him.”

Karnataka Pradesh Congress Committee President DK Shivakumar said, “Satyanarayana was concerned for the farmers and he was a gentleman. Hearing the news hurts me and this is an irreparable loss to the political field.”

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