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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
January 21,2020

Kalaburagi, Jan 21: A team of bomb disposal squad along with sniffer dog visited Kalaburagi Railway Station on Tuesday morning.

In the wake of the bomb found at Mangalore Airport on Monday morning, the team visited the railway station as a precautionary measure.

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coastaldigest.com news network
August 1,2020

Mangaluru, Aug 1: A teenage boy, who was critically injured in a road accident at Manchi village in Bantwal taluk, breathed his last at a private hospital in the city today.

The victim has been identified as Mohammad Unais (17), a resident of Bolanthoor village.  

The mishap occurred yesterday (July 31) at around 6 p.m. when Unais was riding a motorbike.

In his bid to overtake a speeding lorry near the Manchi mosque, the boy lost control over his motorbike, which first rammed into an auto-rickshaw and then collided with the same lorry. 

The impact was such that the boy was thrown onto the road. He was immediately rushed to a hospital in Mangaluru. 

He breathed his last early today without responding to any treatment. 

A case has been registered at jurisdictional Melkar Traffic Police Station and investigations are on.

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News Network
March 19,2020

Kolkatta, Mar 19: A local leader of BJP has been arrested for organising a cow urine consumption event in Kolkata, claiming that it will protect people from coronavirus or cure those already infected, leading to a civic volunteer falling ill after drinking it.

The police said that 40-year-old Narayan Chatterjee, who had on Monday organised a cow worship programme at a cowshed and distributed cow urine, was arrested following a complaint filed by the victim.

He had vouched for its "miraculous" properties while offering gaumutra to others.

A civic volunteer, who was on duty near the cow shed also consumed gaumutra and fell sick on Tuesday, following which he lodged a complaint with the police against Chatterjee.

Reacting to the arrest, the state BJP leadership criticised the state government.

"Chatterjee had distributed cow urine, but he didn't fool people in consuming it. When he distributed it he clearly said it was cow urine, he didn't force anyone to drink it. It has not been proved whether it is harmful or not.

"So how can just police arrest him without any reason. This is completely undemocratic," state BJP General Secretary Sayantan Basu said.

West Bengal BJP chief Dilip Ghosh has said there is no harm in drinking cow urine and he has no qualms in admitting he consumes it.

His party colleague and MP Locket Chatterjee, however, differed, terming it an "unscientific belief" that should be shunned.

The cow urine distribution as a cure for coronavirus had drawn sharp criticism from the doctors.

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