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Stake Sale Bid Process In Jet Airways To Start From April 8


The bidding event for stake sale in Jet Airways Ltd. is likely to begin from Monday as the bid document is still to be given a final shape. The State Bank of India led the consortium of 26 lenders, which now has the management control of the full-service carrier under a debt-recast plan, last Thursday said bid for the stake sale in Jet Airways airline would be issued on April 6.
Under the debt resolution plan approved by the Jet Airways‘ board on March 25, lenders have taken the majority stake in the airline and are set to infuse Rs 1,500 crore funds. Besides, the carrier’s founder and promoter Naresh Goyal, as well as his wife Anita Goyal, quit the board. The shareholding of Goyals has come down to 25 percent from 51 percent earlier.
The statement issued by lenders last week said, “the lenders are cognisant that the outcome of efforts of the lenders will depend on the interest shown by the parties on the sale of the stake in the company.”
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