On May 21, shares of Jet Airways rallied 9 per cent intraday on reports that Hinduja Group is finally set to bid for the grounded airline this week.
A spokesperson said, “Hinduja Group is evaluating the Jet Airways opportunity,” and has refused to share any further details. The London-based conglomerate has received the approval of key stakeholders of the Jet Airways including Naresh Goyal and Etihad Airways.
Investment bankers led by SBI Capital Markets for due diligence has been engaged by the Hinduja Group for the matter concerned. It is supposed to commence soon, media reports said.
The Hindujas expect the SBI-led association of 26 lenders to take a significant haircut, with initial calculations placing the airline’s dues at Rs 12,000 crore, the publication said.
At 13:43 hours, Jet Airways was quoting at Rs 143.15, up 8.94 per cent on the BSE.