Connect with us

Hi, what are you looking for?

Business

Jet loan restructuring to be under Sashakt scheme; SBI chief

Lenders of the cash strapped Jet Airways will restructure loans given to the airline under the ‘Sashakt’ scheme, State Bank of India (SBI) Chairman Rajnish Kumar said on Friday.

Speaking at a concall after the third quarter earning results on Friday, Kumar said the debt recast proposal would go to the screening panel of Indian Banks’ Association (IBA).

Recently, Jet Airways has been in a tight spot financially as a rescue plan is said to be stitched between its partner Etihad and a consortium of banks.

The airline has a loan burden of over Rs 8,000 crore and it could see some of that amount being converted into equity by the banks.

In a stock exchange filing on January 28, Jet Airways said an Extraordinary General Meeting (EGM) of the company would be held on February 21.

It said a special resolution would be put forth at the EGM to consider and “to approve conversion of loan into shares or convertible instruments or other securities”.

On Friday, Jet Airways scrip closed 7.79 per cent up at Rs 255.90 per share after touching an intra-day high of Rs 281.50 and a low of Rs 234.30 from its previous close of 237.40.
Jet loan restructuring to be under Sashakt scheme: SBI chief

IANS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Trending

You May Also Like

Politics

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae.

Science & Technology

Google has removed 85 apps from its Play Store after security researchers at Trend Micro found a particularly annoying adware hiding inside. “We found...

Education

Bengaluru-based Danish Educational Trust held its 16th Annual Scholarship Distribution program Sunday, where scholarships worth Rs 70 lakh were distributed to 250 students from across Karnataka....