The board also approved issue of 11.4 crore equity shares of the company to the consortium of lenders upon conversion of Rs 1 of the outstanding debt.
The lenders, led by the State Bank of India (SBI), would become majority shareholders in the airline. Lenders will infuse up to Rs 1,500 crore via debt instruments.
Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. The carrier defaulted on loan repayments to banks on December 31. "The option is open for anyone including Naresh Goyal and Etihad to bid for the stake", Kumar said.
The government has asked state-run banks, led by SBI, to rescue Jet without pushing it into bankruptcy, two people within the Indian government have told Reuters, adding that Prime Minister Narendra Modi is seeking to avert thousands of job losses weeks before a general election. It has also not cleared dues to lessors for the past few months.
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The Ducks rode those triples and easy dunks to a game-high nine-point lead around the midway point of the second half. Portland State made only four 2-point baskets in the game, which saw OR take control in the second quarter.
Bidding process to be initiated by lenders for sale to new investor (s), the process expected to be completed in June quarter as per the resolution plan.
Apart from the Goyals, one nominee of Etihad Airways PJSC, Kevin Knight has also stepped down from the board, Jet Airways said in a notification to the BSE after its board meeting today.
Goyal is presently in London and could address around 23,000 Jet employees upon his exit from there, the report said.
According to reports, Etihad's stakes in the company will be halved from 24 per cent to 12 per cent while Goyal's stake will be reduced to 25.5 per cent from the existing 51 per cent.
The pilots may be inclined to take up the SpiceJet offer as the airline's aircraft mix is similar to that of Jet Airways'.