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Aviation

Etihad offers to sell its stake in Jet Airways to lenders or a new investor

Updated : March 19, 2019 10:05 PM IST

Etihad holds 24 percent stake in Jet Airways and was widely expected to be a major helping hand for the beleaguered airline.

The lenders will hold a meeting on Tuesday evening to discuss Etihad's proposal to exit Jet Airways.

Abu Dhabi-based Etihad Airways has offered to sell its stake in Jet Airways to the lenders or a new investor, sources told CNBC-TV18 on Tuesday.

The airline has proposed to sell its stake at Rs 150 per share, said the sources, who did not want to be named, adding that the lenders will hold a meeting on Tuesday evening to discuss Etihad's proposal to exit Jet Airways and find other alternatives.

Etihad holds 24 percent stake in Jet Airways and was widely expected to be a major helping hand for the beleaguered airline. The airline had asked for interim funding support of Rs 750 crore from Etihad to continue operations. However, the board meeting of Etihad on the matter was inconclusive.

Etihad is unwilling to accept terms of the memorandum of understanding (MoU) for the resolution proposed by Jet Airways, the sources added.

According to the sources, the lenders will weigh all options, however, will try to avoid NCLT route for now.

Shares of Jet Airways plunged 4.87 percent on the NSE on Tuesday after it defaulted on payment to its debenture holders (third default) since January. At 2:01 PM, the stock traded lower by 4.65 percent, at Rs 225.75 per share.

On Monday, Jet Airways suspended operations to and from Abu Dhabi, Etihad's base, citing "operational reasons".

Jet Airways has more than Rs 8,000 crore in debt and is looking for urgent liquidity infusion to pay its pilots, engineers and make payments to its lessors.

As per ICRA's report, the airline has large repayments due in March to the tune of Rs 1,700 crores and further Rs 2,445 crore due in FY20 and Rs 2,168 crore due in FY21.

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