Jet Airways will be holding a crucial extraordinary general meeting (EGM) today, to seek shareholders nod on various issues including the turnaround plan.
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First, Jet Airways proposes to increase the share capital of the company from Rs 200 crore to Rs 2,200 crore, which will take place by issuing fresh 50 crore equity shares and 150 crore preferential shares.
Second, it will seek shareholders nod to convert whole or part of that Rs 8,000 crore debt into equity now or at any point in the future.
Third, it will seek to modify the articles of association for Jet Airways in order to allow lenders to nominate members on the board of Jet Airways.
Fourth, it will look forward to authorize the board of Jet Airways in order to negotiate and finalize terms with lenders for taking any fresh loans from the bankers in future.
All of these conditions will be vital for the approval of shareholders as Jet Airways is looking to implement its turnaround plan, which it had detailed in a press statement earlier under the bank led provisional resolution plan (BLPRP) where Jet Airways had identified a funding gap of Rs 8,500 crore.