NIFTY 50

Etihad Airways says will invest in Jet Airways only at Rs 150 per share

Updated : January 16, 2019 05:35 PM IST

Etihad Group CEO Tony Douglas has written to SBI that his airline will invest in Jet Airways only at Rs 150 per share.

Etihad wants an exemption from Sebi on preferential pricing and open offer guidelines in order to invest more money in jet for its bailout.

Douglas said Etihad won't pledge additional shares to raise debt for capital infusion. Jet has to make large debt repayments to a consortium of Indian banks, led by SBI.

Etihad says current situation of Jet Airways is precarious and needs emergency funding.

There's an imminent risk of lessors grounding aircraft, said Etihad.

"Jet Airways will not be able to continue funding its operation beyond the current week and Etihad is willing to immediately release $35 million if their conditions are met," said Tony Douglas,  Etihad Group CEO.

Debt extended to jet promoter Naresh Goyal and related parties should not be converted to equity and bankers must insist on a moratorium on this debt: Etihad to SBI.
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