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Jet's EoI submission closes, at least 5 bids received: sources

IANS  |  Mumbai/New Delhi 

The initial phase of stake sale programme came to a close on Friday as scrutiny of at least 5 (expression of interest) started, sources said on Friday.

According to industry insiders, (SBI Cap) and the airline's lenders have received a lukewarm response with at least 5 sending in their

"They are currently in the midst of evaluating the sent by various entities including Any official announcement on the selected entities will be made on Saturday," an industry insider told IANS in

It was not known whether Jet' former submitted his initial bid. However, speculation is rife that state-run National Investment and (NIIFL), UAE-based Etihad Airways, some private venture funds have sent in their EoIs and were in touch with SBI Caps, the firm mandated to carry out the sale on behalf of the banks' consotorium.

On Wednesday, lenders of the debt-ridden tweaked the terms for stake sale and also extended the submission deadline for bids from

As per a clarification document issued by (SBI Cap) on Wednesday, can acquire the company or effect change in its management control.

The prospective buyers would also be required to furnish solvency certificates.

In another 'clarification' document, the last date for submission was extended from 6 p.m. on Wednesday to 6 p.m. on April 12.

Further fund infusion into the also hangs in the balance, as the lenders will decide whether to pump in more capital based on their assessment of response to the

The consortium of banks has appointed SBI Caps to take out the EoI and conduct the process of their stake sale in the

According to the document, the last date for submission of queries has also been extended to April 11.

"While all soft copies of the EoIs are required to submitted by the due date, the hard copies may be submitted by April 16, 2019," the document said.

The lenders have offered a stake from 31.2 to 75 per cent of the company on a fully diluted basis.

Currently, the airline owes Rs 8,000 crore to lenders, led by the SBI. On March 25, Goyal had stepped down from the board of the airline and ceded majority control to the SBI-led consortium.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, April 13 2019. 00:04 IST
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