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Jet's EoI submission date extended to April 12

IANS  |  New Delhi/Mumbai 

Lenders of the debt-ridden on Wednesday extended the submission deadline of "expression of interest" for stake sale in the to recover their dues.

As per the 'clarification to bidders' document issued by (SBI Cap), the last date for submission has been extended from 6 p.m. on Wednesday to 6 p.m. on Friday (April 12).

While no reason for the extension was provided, industry insiders cited a "poor response" to the as the main reason.

Speculation were also rife that the lenders might give more time to the airline's ex-or equity owner to participate.

Further fund infusion into the also hangs in balance, as the lenders will decide whether or not to pump in more capital based on their assessment of response to the

The consortium of banks have 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.

The development comes a day after was served a legal notice from a section of its pilots demanding payment of salaries, due from January 1, by April 14.

Subsequently, the airline's said the company continues to work with lenders on the balance sheet restructuring plan and will inform the employees about the progress of the process by early next week.



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

First Published: Wed, April 10 2019. 20:42 IST