Friday, February 15, 2019

Goyal to lose control of Jet Airways

State Bank of India will become the largest shareholders in Jet Airways in a move to bail out the domestic airline. The Goyal-led company made the disclosure to the stock exchanges, after its board approved a draft resolution plan comprising conversion of lenders' debt into 114 million equity shares. Due to conversion Goyal's stake would be diluted to around 22 per cent from the current 51 per cent. 

Foreign partner Etihad will possibly retain its shareholding at the current level of 24 per cent. 

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