The stock finally settled nearly 13 per cent higher at Rs 254.50 on the NSE. In comparison, the Nifty50 index was down 1 per cent at 11,354 points today.
The board of directors of Jet Airways at its meeting today i.e. March 25, 2019 approved the resolution plan being formulated by a consortium of domestic lenders led by State Bank of India (SBI).
As the per resolution plan, Jet Airways will issue 114 million equity shares of the company to lenders upon conversion of Rs 1 of the outstanding debt.
The airline will also receive immediate funding of up to Rs 1,500 crore by lenders by way of issuance of an appropriate instrument; and constitution of an Interim Management Committee to manage and monitor the daily operations and cash flow of the company, it added. CLICK HERE FOR MORE DETAILS