homemarket Newsstocks NewsJet Airways shares rise on reports shareholders likely to have approved bailout plan

Jet Airways shares rise on reports shareholders likely to have approved bailout plan

Jet Airways shares rise on reports shareholders likely to have approved bailout plan
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By CNBC-TV18 Feb 22, 2019 10:36:46 AM IST (Updated)

Jet Airways shares rose 3 percent on Friday after various media reports said that the airlines shareholders are likely to have approved the company’s bank-led provisional resolution plan at the extraordinary general meeting on Thursday.

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The stock rose as much as 3.23 percent intraday to Rs 242.45 per share on the BSE. At 9.20 am, Jet Airways shares were trading 2.32 percent up at Rs 240.30 per share, while the benchmark Sensex Index was down 0.06 percent at 35,877.42.
Jet Airways shareholders are likely to have approved banks' bailout plan for the debt-laden airline, Mint reported, citing a person who attended the meeting. The reported further said that some shareholders raised concerns over banks holding a majority stake in the airline.
Shareholders also asked questioned about the future of Naresh Goyal and other management roles after banks become majority shareholders, according to Mint.
Results of the vote will be announced on Friday.
The special resolution to allow conversion of loans into "shares or convertible instruments or other securities" comes after Jet Airways Board approved the BLPRP on February 14.
"The BLPRP currently estimates a funding gap of Rs 8,500 crore (including proposed repayment of aircraft debt of Rs 1,700 crore) to be met by appropriate mix of equity infusion, debt restructuring, sale or sale and leaseback or refinancing of aircraft, among other things," the company said in a regulatory filing to the BSE on February 14.
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