Expect Buyer for Jet Airways by May 31, Says SBI Head After Naresh Goyal Exits Board

New Delhi: State Bank of India (SBI) Monday said that it expects investors or buyer for the cash-strapped Jet Airways by the end of May and promoter Naresh Goyal has option of increasing his stake in the beleaguered airline to beyond 25 per cent in the future.

Consortium of lender led by the SBI has agreed to put in Rs 1,500 crore immediate funding by acquiring 51 per cent stake in the company through issue of Rs 11.4 crore fresh shares.
w Delhi: State Bank of India (SBI) Monday said that it expects investors or buyer for the cash-strapped Jet Airways by the end of May and promoter Naresh Goyal has option of increasing his stake in the beleaguered airline to beyond 25 per cent in the future.

Consortium of lender led by the SBI has agreed to put in Rs 1,500 crore immediate funding by acquiring 51 per cent stake in the company through issue of Rs 11.4 crore fresh shares.
Bidding process to be initiated by lenders for sale to new investor(s), the process expected to be completed in June quarter as per the resolution plan.
“June is too late. My expectation is 31st May…market is open for everyone whosoever wants to come in. There will be expression of interest which will be given by April 9 and binding bid by April 30,” SBI Chairman Rajnish Kumar told CNBC TV18.
“It could be financial investor, it could be airline…including Naresh Goyal himself or Etihad. No body is barred from bidding or taking over the airline as per the rule,” he said.
25/06/19 PTI/News18

Source: https://www.news18.com/news/business/expect-buyer-for-jet-airways-by-may-31-says-sbi-head-after-naresh-goyal-exits-board-2077451.html

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