Jet Airways shares close 2 pc higher

Shares of Jet Airways Monday settled with over 2 per cent gains following reports that the cash-strapped airline has secured a loan worth over Rs 2,000 crore from Punjab National Bank (PNB).

On the BSE, the stock rose as much as 4.68 per cent to 254.50 in intra-day trade, but pared some of its gains to close at Rs 248.05, up 2.04 per cent.

On the NSE, the scrip hit its intra-day high of Rs 255 before settling at Rs 246.25, up 1.23 per cent, over the previous close.

In terms of equity volume, 6.7 lakh shares were traded on the BSE while over 86 lakh scrips changed hands on the NSE.

According to a report, the airline has raised loan worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB.

It said the loan has been raised through two separate agreements with the state-run bank. Under one agreement, Jet Airways received a credit facility of Rs 1,050 crore, and a non-fund based facility of Rs 700 crore.

The other agreement has a credit facility of Rs 1,000 crore that includes a term loan of Rs 750 crore and a non-fund based facility of Rs 250 crore, the report added.