Naresh Goyal committed half of his stake in Jet Airways (India) Ltd. with Punjab National Bank as the airline he founded is going into financial crisis.
Goyal pledged 26 percent holding as a security for existing and new loans, according to the carrier’s exchange filings. At the prevailing prices, it’s valued at close to Rs 800 crore.
Goyal also gave a non-disposal to PNB, barring him from selling his 51 percent holding in the airline. He had signed a similar agreement with Punjab National Bank in 2013 when Jet Airways was reeling under debt. But then the U.A.E-based Etihad Airways had bailed it out by infusing funds.
The airline is operating only 26 aircraft, the airline is in a debt of close to Rs 8500 crore, Jet Airways is struggling to pay up its employees the delay in paying to employees had ended up as air crafts being grounded.