Etihad Airways has offered to pick up shares of debt-laden Indian carrier Jet Airways at a 49 per cent discount and to immediately release $35 million after certain conditions are met, CNBC-TV18 reported on Wednesday.
Etihad wants Jet's founder and Chairman, 69-year-old Naresh Goyal to step down from the board and his stake to be slashed to 22 per cent from 51 per cent. Etihad is also seeking an exemption from the market regulator on preference pricing and open offer guidelines to invest more for the bailout, the report added. CLICK HERE TO READ FULL REPORT
In the past three trading days, Jet Airways had outperformed the market by surging 21 per cent on hopes of finalisation of the resolution plan. In comparison, the S&P BSE Sensex was up 1 per cent during the same period till yesterday.
At 01:47 pm, Jet Airways was down 7 per cent at Rs 274 on BSE, against a marginal 0.03 per cent rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 33.17 million equity shares changed hands on the NSE and BSE so far.