1. Home
  2. Jet Airways shares slump after reports of Etihad's non-binding offer

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

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 22,2020

Bengaluru, Jul 22: A total of 4,764 new COVID-19 cases and 55 deaths were reported in Karnataka in the last 24 hours.

Out of the new cases, 2,050 cases were reported in Bengaluru on Wednesday.

The total number of active cases stands at 47,069, said the state Health Department.

Death toll rises to 1,519 in the state.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
July 3,2020

New Delhi, Jul 3: The aviation regulator DGCA said on Friday it was extending the suspension of scheduled international passenger flights in the country till July 31 but added that some international scheduled services on selected routes may be permitted on a case to case basis.

Scheduled international passenger flights were suspended in India on March 23 due to the coronavirus pandemic.

Modifying its June 26 circular that stated that scheduled international passenger flights will remain suspended till July 15, 2020, the regulator stated on Friday it has decided to extend the deadline to July 31, 2020.

However, international scheduled flights may be allowed on selected routes by the competent authority on a case to case basis,” said the circular by the Directorate General of Civil Aviation (DGCA).

Air India and other private domestic airlines have been operating unscheduled international repatriation flights under the Vande Bharat Mission, which was started on May 6 by the Central government.

India resumed scheduled domestic passenger flights on May 25, after a gap of two months.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
June 16,2020

Udupi, Jun 16: A young software engineer died on board a bus bound for Udupi’s Kundapura from Bengaluru due to suspected cardiac arrest this morning.

The deceased has been identified as Chaitanya (25), son of Vishnu Murthy, a resident of Kumbri in Koteshwar in Kundapura taluk. He was working for a software firm Bengaluru.

Chaitanya had boarded a ‘Durgamba’ bus from Bengaluru at 9 pm on June 15. At around 6.30 am on June 16, he called his father and informed that the bus had reached Barkur.

When his father called Chaitanya again at around 7.30 am, the bus driver answered the call and told him that his son had fallen ill and been taken to Vinaya hospital in Kundapur.

Vishnu Murthy rushed to the hospital, but was informed by the doctors that Chaitanya was declared brought dead.

A case has been registered at Kundapura police station. Even though it is suspected that he died of cardiac arrest, the exact cause will be known only after the post-mortem.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.