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
February 8,2020

Bengaluru, Feb 8: The BJP on Saturday drew flak on Twitter for taking a swipe at Muslim women who appear to be standing in a line to vote in Delhi's assembly polls. ""Kaagaz Nahi Dikayenge Hum" ! ! ! Keep the documents safe, you will need to show them again during NPR exercise (sic)," the party's Karnataka Twitter handle posted using the hashtag #DelhiPolls2020. 

The video, which appears to have been taken from one of the polling booths in Delhi on Saturday, shows burqa-clad women flashing their voter ID cards. While the threatening tone of the tweet is unmissable, the tweet contradicts the government's statement that no person needs to submit any documents during the house-to-house survey for updating the National Population Register (NPR) and that information provided by individuals would be accepted and recorded. 

The tweet has added to the prevailing confusion regarding the NPR exercise in the country. 

The NPR is a list of "usual residents" of the country. In 2010, the data for NPR was collected along with the house-listing phase of the Census of India 2011. The data was updated in 2015 by conducting a door-to-door survey.

Currently, it has been decided to update the NPR along with the house-listing phase of Census 2021 during April to September 2020 in all the states/union territories except Assam.

Most of the opposition parties see NPR as a prelude to the contentious National Register of Citizens (NRC), which has been opposed by even NDA allies like the JD(U). The NPR questionnaire asked details like the birthplace of parents. In combination with the recently amended citizenship law, protesters fear that the registry might be eventually used for NRC. 

As a result, people, predominantly Muslims, have hit the streets as India witnesses one of the most widespread civilian unrest of recent times.

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News Network
April 6,2020

Mangaluru, Apr 6: City Police Commissioner Dr P S Harsha has directed coastal security personnel to block the boat service near Talapady after reports of Kasarogod people using boats to cross over to Dakshina Kannada via Talapady river emerged, Dakshina Kannada District in-charge Minister Kota Srinivas Poojary said here on Monday.

Following the rise in Coronavirus cases in the neighbouring Kasargod district, District Commissioner Sindhu Roopesh ordered closure of borders with Kerala and totally suspended vehicular movement, including for medical emergencies.

However, now the people living in Talapady and surrounding areas allege that the government has failed to monitor people using boats to cross over to Dakshina Kannada via Talapady river.

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News Network
March 30,2020

Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."

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