NEW DELHI: Shares of Jet Airways rose 2 per cent on Tuesday morning on reports that Etihad Airways and a new partner will together invest nearly Rs 4,000 crore to revive beleaguered Jet Airways while founder-promoter Naresh Goyal and his wife would step down from the board and all executive positions.
The scrip hovered at Rs 253.15, up 2.06 per cent at around 09:31 am, while the benchmark BSE Sensex was up 0.80 per cent at 37,350.14.
The lenders will convert a portion of their loans into equity and Jet Airways 51 per cent stake in Jet Privilege will be pledged with them to raise money, according to draft proposals being discussed among key shareholders and the board.
"The proposals do not mention the name of the new investor, but it is likely to be National Investment and Infrastructure Fund (NIIF).
If the proposals are accepted, this would be the end of the road for Goyal in the airline and will give Etihad and NIIF which will invest Rs 1,900 crore each a major say in its functioning.
Of the total amount, Etihad will put in Rs 750 crore as interim funding," ET reported.
Meanwhile, the shares of Jet Airways opened at Rs 253.40 on BSE against its previous closing of Rs 248.05.