Signals, Powered By EquityPandit
According to the PTI report, Naresh Goyal, Jet Airways chairman has offered to invest up to Rs 700 crores in the airlines on the terms that his stake is kept at least above 25%. Goyal wrote a letter to SBI Chairman Rajnish Kumar expressing his resolution plan for the airline.
In the letter, Naresh Goyal stated that he is committed to an infusion of funds into the company to the extent of Rs 700 crores. He also said that his condition is that the shareholding post such infusion remained at least 25%.
According to the letter published by PTI, “Should this not be possible, then I would not be able to infuse any funds or pledge my shares unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25%) without triggering the Takeover Code.”
Goyal’s letter comes against the backdrop of the Etihad Airways proposal which asserted additional capital infusion into the troubled Jet Airways after the implementation of strict conditions including the loss of Goyal’s control over the airline.
