INSUBCONTINENT EXCLUSIVE:
of Jet Airways, Civil Aviation Ministry on Wednesday expressed hope that airline, its strategic partner Etihad and lenders reach a "common
plan" to deal with situation
Jet Airways, which has also defaulted on loan repayments, is looking to raise funds and is in discussions with Etihad and lenders to chart
way forward.There is a proposal for Etihad raising its stake in full service from current 24 per cent.On a question on Etihad Airways
lenders."We hope that three -- Jet Airways, Etihad and lenders -- come together and decide on a common plan," he said here.According to
reports, Etihad might have to make an open offer in case it is hiking stake in Jet Airways."If any such thing (open offer exemption) is
required, they will have to reach out to Sebi and it will take a call
That is something (open offer exemption) between Jet Airways, Etihad and Sebi
Government has no direct role in this," Mr Choubey said.Under market regulator Sebi''s norms, entities have to make an open offer in case
their shareholding in listed companies goes beyond a certain threshold.When asked whether ministry would recommend an exemption like it did
in case of SpiceJet acquisition, he said "The ministry has not applied its mind on any (open offer waiver) application for recommending any
waiver".Jet Airways defaulted on repayment of loans to a consortium of lenders."Payment of interest and principal installment due to
consortium of Indian banks (led by State Bank of India) on December 31, 2018, has been delayed due to temporary cashflow mismatch," airline
informed stock exchanges on January 1.The carrier has posted three consecutive quarterly losses of over Rs 1,000 crore each since March
