New Delhi: State Bank of India (SBI) on Monday said that it expects investors for the cash-strapped Jet Airways (India) Ltd by the end of May and founder Naresh Goyal has option of increasing his stake in the beleaguered airline to beyond 25% in the future.
Naresh Goyal resigned as chairman of Jet Airways on Monday, two decades after he started the full-service airline. Jet Airways lenders, led by SBI, will immediately infuse ₹1,500 crore in the airline.
Lenders will subsequently acquire 51% stake in the airline by issuing 11.4 crore new shares. This move will reduce Goyal’s stake in Jet Airways to 25% from 50%, while Etihad Airways’ stake will pare down to 12% from 24 at present.
