#NRC #EconomicRelief #AutoWoes

SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD OCT 04
MCX SILVER DEC 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD OCT 04
MCX SILVER DEC 05
MCX CRUDEOIL SEP 19
MCX NATURALGAS SEP 25
USD/INR
EUR/INR
GBP/INR
JPY/INR

Sensex, Nifty start lower on higher crude prices; Titan top gainer

Oil trims gains but Middle East tensions keep stocks on back foot

Oil prices fall over 1% as market awaits response to Saudi oil attacks

Rupee extends losses, opens lower at 71.83 a dollar; bond yields spike

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.

primo org

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

Apple set to invest $1 billion in India, says report

Apple set to invest $1 billion in India, says report

Oil prices fall over 1% as market awaits response to Saudi oil attacks

Oil prices fall over 1% as market awaits response to Saudi oil attacks

Global gold prices up 1% as attack on Saudi facilities boosts safe-haven assets

Global gold prices up 1% as attack on Saudi facilities boosts safe-haven assets

Trending on CNBC-TV18

Live TV

recommended for you