INSUBCONTINENT EXCLUSIVE:
Jet Airways shares surged as much as 17.77 per cent intraday to hit high of Rs 266 on the BSEJet Airways shares surged as much as 17.77 per
down from board of directors
The exit of Naresh Goyal and Anita Goyal, from the board of the airline they founded 25 years ago, came as part of the resolution plan to
debt into equity by acquiring 11.4 crore equity shares at 1 rupee per share, Jet Airways said in a regulatory filing post-market hours.As
part of the resolution plan, lenders will provide an immediate funding support of Rs 1,500 crore by way of debt instrument against security
of its assets which will restore normalcy to company's level of operations, the filing added.Meanwhile, Jet Airways said it constituted an
Interim Management Committee to monitor its daily operations and cash flow.Kevin Knight, nominee of Etihad Airways PJSC, also resigned as
director from the airline's board, Jet Airways noted.Saddled with more than $1 billion of debt, Jet is struggling to stay afloat
Jet owes money to banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier.In Monday's
trading session, Jet Airways shares ended 12.69 per cent higher at Rs 254.50 on the BSE
The stock outperformed the SP BSE Sensex which closed 0.9 per cent lower
On the National Stock Exchange, the stock rose 15.46 per cent to close at Rs 261.The stock saw heightened trading volume
As many as 33.60 lakh shares changed hands on the BSE compared with an average of 9.40 lakh shares traded daily in the past two weeks.Get
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