The draft proposal does not mention the name of the new investor, but it is likely to be National Investment and Infrastructure Fund, the report said
Jet Airways shares gained 2 percent on Tuesday morning after a media report indicated Etihad Airways and NIIF will invest nearly Rs 4,000 crore in the cash-strapped airline company.
The stock was quoting at Rs 254, up Rs 5.95, or 2.40 percent on the BSE, at 09:20 hours IST.
“Etihad Airways and a new partner will together invest nearly Rs 4,000 crore to revive beleaguered Jet Airways while founder-promoter Naresh Goyal and his wife will step down from the board and all executive positions,” The Economic Times said.
The report further said the draft proposal does not mention the name of the new investor, but it is likely to be National Investment and Infrastructure Fund (NIIF).
“If the proposals are accepted, it will give Etihad and NIIF, which will invest Rs 1,900 crore each, a major say in the airline’s functioning. Of the total amount, Etihad will put in Rs 750 crore as interim funding,” the report added.
Meanwhile, Jet Airways, on Monday, said the part repayment of the external commercial borrowing availed by the company, for working capital purposes, falling due on March 11, has been delayed owing to temporary liquidity constraints and the Company has engaged with the Lender in relation to the same.There were reports on Monday that Jet Airways would receive more than Rs 2,000 crore from Punjab National Bank, but the company denied the same saying it has existing credit facilities of from PNB and hence, no fresh credit facilities have been provided by PNB.
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