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Jet's stake sale terms tweaked; EoI submission date extended (Roundup)

IANS  |  New Delhi/Mumbai 

Lenders of the debt-ridden on Wednesday tweaked the terms for stake sale in the and also extended the submission deadline for "expression of interest" bids from prospective buyers.

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

The 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 Friday (April 12).

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

Speculation was 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 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.

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 balancesheet restructuring plan and will inform the employees about the progress of the process by early next week.

--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: Wed, April 10 2019. 23:04 IST
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