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

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News Network
March 28,2020

Bengaluru, Mar 28: The Karnataka government on Saturday said that the state run Indira Canteens would provide food packets free of cost to the poor and needy in the wake of the lockdown, the government said here on Saturday.

The canteens would operate in three schedules -from 7:30 AM to 10 AM, 12:30 PM to 3 PM and 7:30 PM to 9 PM, the government said in a public announcement

During the scheduled hours, street side vendors, labourers and poor would be provided food free of cost.

After the cabinet meeting on Friday, Chief Minister B S Yediyurappa had said food packets would be provided to the poor and needy with the help of some organisations through the Canteens and had sought the help of everyone in this regard.

The State-sponsored, subsidised 'Indira Canteens' as of now serves breakfast at Rs five and lunch and dinner at Rs 10.

The government asked people availing the facility to maintain cleanliness at the canteen and staff who serve food to compulsorily use masks and hand gloves.

It also said soaps and sanitizers should be made available at the canteens.

The government also asked people to maintain a minimum distance of one metre while standing in queue and take all precautionary measures.

Earlier, a day after announcing that food would be provided free of cost through the canteens for daily wagers, Yediyurappa on March 24 had said it has been decided that the canteens will not be opened, after realizing that it was leading to crowding, which drew criticism.

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News Network
March 22,2020

Bengaluru, Mar 22: Monday's only pending II PU exam (English) and SSLC exams scheduled to start on March 27 have been postponed due to Covid-19 concerns. The new dates will be announced in April first week.

The decision was taken after a meeting with chief minister BS Yediyurappa on Sunday morning, said state primary and secondary education minister S Suresh Kumar.

Around 8.25 lakh students are to appear for the Class 10 exam.

"I appeal to SSLC students not to get frustrated. I know you're fully prepared, fully geared up. But this is a peculiar situation which calls for hard decisions. The new timetable will be published very soon. Students should treat is as an extended study leave. Please revise more. Do not treat this as a relaxation time. You'll have plenty of time to relax after the exams," he said.

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News Network
May 13,2020

Bengaluru, May 12: About 101 labourers bound for Rajasthan from Bengaluru in a goods truck were detained near a border Checkpost at Hirebagewadi village in Belagavi taluk on the Pune-Bengaluru national highway and have been sent into institutional quarantine on Tuesday.

Police said that the Labourers comprising of men, women and children had been travelling towards Rajasthan in a goods truck without permission from Karnataka and even from their home State Rajasthan.

In the morning hours, police and other department personnel manning the check post near...check post near Hirebagewadi detained them.

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