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Aviation

Naresh Goyal agrees to bring down stake in Jet Airways to 9.9%

Updated : March 25, 2019 11:01 AM IST

Goyal is likely to have a 3-year window to buy back stake on fund infusion, the sources added, who did not want to be named.

Jet Airways is yet to comment on the story.

Jet Airways chairman Naresh Goyal has agreed to bring down his stake in the airline to 9.9 percent, sources told CNBC-TV18 on Monday.

Goyal is likely to have a 3-year window to buy back stake on fund infusion, the sources added, who did not want to be named.

Jet Airways is yet to comment on the story.

Earlier today, CNBC-TV18, citing sources, reported that Jet Airways’ board is holding a meeting to discuss the new resolution plan.

The sources said that the SBI-led consortium is likely to give additional emergency funding of Rs 1,500 crore to the airline, however, on the condition that Naresh Goyal, his wife Anita Goyal and directors Gaurang Shetty and Naseem Zaidi resign from the board with immediate effect.

The lenders are looking to hold a 'substantial stake' in the airline after acquisition from both, Etihad as well as Naresh Goyal, the sources said, adding that they may sell the stake to a new buyer through an auction process.

Sources tell @_ritusingh that lenders of @jetairways in a board meeting today may demand founding chairman Naresh Goyal & wife Anita Goyal's resignation from the board. Here's more pic.twitter.com/fSvGgMOoJN
— CNBC-TV18 (@CNBCTV18Live) March 25, 2019

Sources, last week, told CNBC-TV18 that the banks were discussing replacing Etihad Airways with an investment fund after the Abu Dhabi-based airline offered to sell its stake in the beleaguered airline.

Etihad holds 24 percent stake in Jet Airways and was widely expected to be a major helping hand for the beleaguered airline while Goyal holds 51 percent stake in the airline.

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.

SBI chairman Rajnish Kumar had last week said that the lenders would make every effort to keep Jet Airways flying and that all stakeholders were in the unanimous view that the airline is a good aviation property.

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