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
July 1,2020

Bengaluru, Jul 1: Faced with increasing number of COVID-19 cases in the State Capital, Chief Justice of Karnataka High Court Justice A S Okha has decided the Court to function online.

Registrar General Rajendra Badamikar, in the notice issued here on Wednesday, based on order of the Chief Justice, stated that the emergency cases will be conducted through video conference until the next order.

The order also specifies that only the principal seat (Bengaluru) will be conducting proceedings online. High Court benches at Dharwad and Kalaburagi will continue to function as usual.

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News Network
January 14,2020

Bengaluru, Jan 14: Days after the Reserve Bank of India (RBI) capped to Rs 35,000 the withdrawal limit of Sri Guru Raghavendra Co-operative Bank, BJP MP Tejasvi Surya on Monday reassured account holders and said Finance Minister Nirmala Sitharaman was personally monitoring the issue.

Taking to Twitter, Surya said, "I want to assure all depositors of Sri Guru Raghavendra Co-operative Bank to not panic. Hon'ble Finance Minister Nirmala Sitharaman is appraised of matter and is personally monitoring the issue. She has assured the government will protect interests of depositors. Grateful for her concern."

The Bengaluru South MP also attached a letter in his tweet where he had appraised Sitharaman of the situation.

"Finance Minister, after speaking with the RBI governor and other authorities concerned, assured Surya that the government will do everything in its capacity to protect the interests of the depositors and the long term interests of the bank," the letter read.

It said that Surya also reached out to Sitharaman "three times on January 13" after which she reassured him that the "depositors need not panic".

RBI had, on January 10, imposed certain restrictions on Sri Gururaghavendra Sahakara Bank Niyamitha.

"In particular, a sum not exceeding Rs 35,000 of the total balance in every savings bank or current account or any other deposit account may be allowed to be withdrawn subject to conditions stated in the above RBI directions," the notification said.

The regulatory body said that the bank will continue to undertake banking business with restrictions until its financial position improves.

"These directions shall remain in force for a period of six months from the close of business of January 10 and are subject to review," it said.

The bank has been restricted from granting or renewing any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except.

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News Network
February 23,2020

Bellari, Feb 23: Fringe outfit Sri Ram Sena leader Sanjeev Maradi said on Friday said that organization will reward Rs 10 lakh to the person who will 'eliminate' those who have raised "pro-Pakistan" slogans including Amulya who recently raised "Pakistan Zindabad" slogan at an anti-CAA protest in Bengaluru.

"We request both state and central government not to release them (Pro-Pakistan sloganeers) on bail. If they will be released Sri Ram Sena will eliminate them or will give a reward of Rupees 10 lakh to those who kill them," said Sanjeev Maradi.

"We condemn such slogans. This is like a virus. First, it happened in Jammu and Kashmir, then in JNU, then Mysore and then a student named Amulya raised pro Pakistan slogan in Bengaluru," he added.

A girl named Amulya raised 'Pakistan Zindabad' slogan on Thursday at an anti-CAA protest where AIMIM chief Asaduddin Owaisi was also invited.

Thereafter, a case was registered under Section 124A (Offence of sedition) of the Indian Penal Code against the student.

Meanwhile, Imran Pasha, the organizer of the anti-CAA protest said that Amulya was not invited to the event.

"We were the organizers of the event. At around 6:45 pm on Thursday, when I and Member of Parliament Asaduddin Owaisi were entering the stage area, we did not notice Amulya was present there. I did not invite her," Pasha told media.

Comments

Thouseef Ahmed
 - 
Sunday, 23 Feb 2020

So theese guys have come out in public with supari and police department is on mute mode . 

 

Kannadiga
 - 
Sunday, 23 Feb 2020

Spirit of quarter bottle and plate of Beef Sukha. Subject to HQ feeding these are awake else always with DUFF and Blind eye and now nil knowledge about our Nation. What are the nation organization institution are day by day loosing .

O God Give some education knowledge these sena soldiers to behave like human.

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