Lenders in pilot's seat at Jet Airways; Goyal's stake may reduce to 22%

Etihad Airways is likely to retain its 24% shareholding

Lenders led by State Bank of India (SBI) will become the largest shareholders in Jet Airways in a move to bail out the country’s second-largest domestic airline. The Naresh Goyal-led company made the disclosure to the stock exchanges on Thursday after its board approved a draft resolution plan comprising conversion of lenders' debt into 114 million equity shares at an aggregate consideration of Rs 1, issue of fresh interim loan to the airline and changes in governance structure and board composition. 

Even as the stock exchange disclosure did not give out the specifics of the proposed deal, including the amount