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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
June 3,2020

Bengaluru, Jun 3: The Karnataka Institute of Medical Sciences at Hubballi has successfully treated a COVID-19 patient through plasma therapy, state medical education minister K Sudhakar said today.

"Karnataka achieves yet another milestone in battle against #COVID19. KIMS Hubli has successfully treated a Covid19 patient through Plasma Therapy & is the first institute in the state to accomplish this. Congrats to KIMS doctors & staff for this feat!" Mr Sudhakar tweeted.

In plasma therapy treatment, plasma cells from a COVID-19 patient, who has recovered from the disease, is transfused to a coronavirus patient who is in critical condition to treat him.

Plasma therapy was effectively used in the past during Ebola and the Spanish flu pandemic.

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News Network
April 20,2020

Bengaluru, Apr 20: A ruckus erupted in Padarayanapura on Sunday allegedly over shifting of suspected COVID-19 persons to quarantine facility by the Bruhat Bengaluru Mahanagara Palike (BBMP) officials.

The incident occurred in the late evening at Padarayanapura which is recognized as a 'Red Zone' when BBMP officials went to bring 15 secondary contacts of corona positive patients.

However, some people and youth created ruckus and broke the barricade and removed police post which was stalled in the area.

Soon after receiving the information, Bengaluru South Deputy Commissioner of Police reached the spot and brought the situation under control.

"Lockdown continues, please remain indoors.Tomorrow will be as it was till today. We Understand your situation and appreciate your cooperation," tweeted Commissioner of Police, Bengaluru City, Bhaskar Rao.

In Karnataka, 384 people have detected positive for COVID-19, of which 14 people have succumbed to the infection, as per the Union Health Ministry.

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News Network
May 17,2020

Bengaluru, May 17: Karnataka Government on Sunday decided to appoint Administrative Committees, to over 6000 Panchayat Bodies, in the state, who’s five-year term would comes to an end this month.

Speaking to the media here, the Karnataka Panchayat Raj Minister, K S Eshwarappa informed that the state cabinet met recently had favored to appoint committees which would replace the elected bodies.

Informing that there is provision in the Panchayath Raj Act to appoint the committees, he said that the concerned Deputy Commissioners of the district, would appoint the members, to the committee, who were eligible to be nominated to the committees.

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