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
May 12,2020

New Delhi, May 12: Air India is planning to operate 149 repatriation flights to 31 countries between May 16 and May 22 during the second phase of the Vande Bharat mission to bring back home Indians stranded abroad amid the coronavirus-triggered lockdown, officials said. During the first phase of the Vande Bharat mission, Air India and its subsidiary Air India Express are scheduled to operate total 64 flights between May 7 and May 14 to bring approximately 15,000 Indians from 12 countries on a payment basis.

"In the second phase, Air India and Air India Express will operate 149 flights to countries such as the USA, the UAE, Canada, Saudi Arabia, the UK, Malaysia, Oman, Kazakhstan, Australia, Ukraine, Qatar and Indonesia," the airline officials stated.

Other countries to where the national carrier would operate flights between May 16 and May 22 are Russia, Philippines, France, Singapore, Ireland, Kyrgyzstan, Kuwait,

Japan, Georgia, Germany and Tajikistan, officials noted.
The flights during the second phase will also be operated to Bahrain, Armenia, Thailand, Italy, Nepal, Belarus, Nigeria and Bangladesh, they mentioned.

India has been under lockdown since March 25 to curb the spread of the novel coronavirus, which has infected more than 70,000 people and killed around 2,290 people in the country till now. All scheduled commercial passenger flights have been suspended for the lockdown period.

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News Network
June 8,2020

Bengaluru, Jun 8: More than two months after the nationwide lockdown was imposed to curb the spread of coronavirus, people offered prayers at Bengaluru's Saint Mary's Church and Shree Dodda Ganapathi Temple as the government has allowed reopening of religious places from today.

Fewer devotees here visited Saint Mary's Church in Shivaji Nagar and were seen maintaining social distancing inside the church premises.

Meanwhile, people queued outside Shree Dodda Ganapathi Temple at Basavanagudi to offer prayers in the wee hours of Monday.

Floor markings have been made here to maintain social distancing.

Social distancing norms are also being followed in Hubli's Nagashetty Koppa where only a few devotees thronged the temple on Monday morning.

In Kalaburagi's Sharana Basaveshwara Temple the visiting hours for devotees have been fixed from 7 am to 10 am and three hours in the evening from 5 pm to 8 pm.

Thermal screening is being conducted here and a disinfectant tunnel has also been installed at the entry point.

Floor markings have also been made here to ensure social distancing while barricades have also been installed on the temple premises.

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News Network
May 23,2020

Bengaluru, May 23: It was a stampede-like situation near Palace Grounds in Bengaluru on Saturday afternoon. The incident took place after hundreds of migrants gathered and jostled to gain entry. The situation raises concerns as no social distancing norms were followed.

According to Chetan Singh Rathore, DCP Central, the reason behind the stampede-like situation was an en masse message. "What we heard was that an en masse message has been conveyed to the people of Manipur and Odisha that they would be able to go home on trains on Saturday. The message did not consider the capacity of the train which is only 1500 seating capacity for Manipur train and 1500 for Odisha train," he told media.

Singh further added, "But the people gathered were around 3000 in number for the Manipur train and 5000 for the Odisha train. Passengers with tickets and requisites were allowed to travel while others were asked to return home and wait for their turn to travel back home."

The state of Karnataka has eased lockdown restrictions across, allowing state transport services to run. Lately, the government has been running special Shramik trains from Karnataka to ferry migrant workers back to their hometowns.

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