New plan for Jet's recast on anvil; Naresh Goyal's stake may go below 20%

Etihad Airways, which holds 24% in Jet at present, may up its stake to close to 40% in the airline; EGM scheduled for February 21

Within weeks of proposing a formula for restructuring the ailing private carrier Jet Airways, lenders — led by State Bank of India — are now working on a revised plan. The new plan, which could possibly see Jet Founder Chairman Naresh Goyal’s stake go down below 20 per cent from the current 51 per cent, is likely to be finalised in the next two weeks, according to sources close to the development. The earlier proposal had suggested diluting Goyal’s stake to around 25 per cent.
 
The entire process along with board approvals will have to be completed ahead of