Naresh Goyal pledges his entire 51% stake in Jet to PNB

The reason for pledging of shares was not disclosed

Jet Airways promoter and Chairman Naresh Goyal has pledged his entire 51 per cent shareholding in the carrier, valued at about Rs 2,600 crore, to state-run Punjab National Bank (PNB).

In a regulatory filing on Tuesday evening, the airline said Goyal had pledged 57,933,665 shares, effective January 8, to PNB with a “non-disposal undertaking”. The reason behind the move wasn’t disclosed.

As a strategic partner, UAE-based Etihad Airways holds 24 per cent stake in Jet. The remaining shares are owned by institutional and retail investors.

The carrier, whose shares soared about five per cent to Rs 464.25 apiece on Tuesday, has a total market value of Rs 5,274 crore.
 

As of the quarter ended September last year, the loss-making airline was saddled with debt of Rs 9,794 crore, down seven per cent from Rs 10,576 crore as of March 2014.

The fall in debt helped it cut its interest burden 15 per cent to Rs 212.27 crore during the quarter ended September.

The airline hasn’t stated how much it has borrowed from PNB. Jet Airways, as well as PNB, couldn’t be reached for comment.

A one-time income of Rs 305 crore from the sale of its loyalty programme to Etihad had helped Jet cut losses 95.7 per cent to Rs 43 crore in the quarter ended September. For the corresponding period of 2013, it had reported a net loss of Rs 999 crore.

The airline has a fleet of 113 aircraft, of which 26 are owned by it; the rest are leased.