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Jet Airways India Ltd updates on resolution plan

Posted On: 2019-03-25 16:53:39

The board of directors of Jet Airways (India) Limited (the "Company") (the "Board"), at its meeting held today i.e. 25 March 2019, has considered the resolution plan being formulated by a consortium of domestic lenders led by State Bank of India (the "Lenders") in accordance with the guidelines set out under the Reserve Bank of India (RBI) Circular RBl/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 dated 12th February 2018 on "Revised Framework for Resolution of Stressed Assets" (the "Resolution Plan").

As part of the said resolution plan, the board approved conversion of INR 1/- of Lenders' debt into 11.4 crore equity shares.

2 (two) nominees of promoter viz. Mr. Naresh Goyal and Mrs. Anita Goyal, and 1 (one) nominee of Etihad Airways PJSC to step down from the Board. Additionally, Mr. Naresh Goyal to also cease to be the Chairman of the Company.

The board approved constitution of an Interim Management Committee at the instructions of the Lenders to manage and monitor the daily operations and cashflow of the Company.

The board approved immediate funding support of upto INR 1500 crore by lenders by way of issue of appropriate debt instrument against security of its assets which will restore normalcy to Company's level of operations.

The board also approved bidding process to be initiated by Lenders for sale/issue of shares to new investor(s), the process expected to be completed in June quarter.

Pursuant to the above and in accordance with the Resolution Plan, the Board approved, subject to and upon receipt of the relevant approvals and compliance of the applicable laws, issue of 11.4 crore equity shares of the Company to the Lenders upon conversion of INR 1/- of the outstanding debt.

The board approved resignation by Mr. Naresh Goyal, Mrs. Anita Goyal and Mr. Kevin Knight, as directors of the Company, and induction of 2 (two) nominee directors of Lenders. Additionally, Mr. Naresh Goyal will also cease to be the Chairman of the Company.

The board approved creation of appropriate security over the Company's assets for securing the existing facilities extended by the Lenders and the proposed immediate funding support of upto INR 1,500 Crores by way of issue of appropriate debt instrument.

The board also approved constitution of an Interim Management Committee to manage and monitor the daily operations and cashflow of the Company.

Shares of JET AIRWAYS (INDIA) LTD. was last trading in BSE at Rs.254.5 as compared to the previous close of Rs. 225.85. The total number of shares traded during the day was 3359900 in over 34399 trades.

The stock hit an intraday high of Rs. 266 and intraday low of 220.25. The net turnover during the day was Rs. 816101442.


Source: Equity Bulls

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