Cash-starved Jet Airways plans to raise about Rs 2,500 crore through a rights issue. Its lenders are also looking at a debt-to-equity conversion.
While lenders may convert Rs 1,000 crore of debt into equity, they will also participate in the equity infusion through a rights issue as part of the deal. Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
Lenders are expected to participate in a rights issue to raise capital. Government-owned infrastructure fund National Infrastructure Investment Fund (NIIF) is likely to buy a 19 per cent stake for Rs 1,500 crore. Along with the NIIF, banks will own a 51 per cent stake in the company.
