Jet AirwaysNSE -0.73 % founder Naresh Goyal told lenders seeking to rescue the carrier that he will pledge the rest of his shares to them on condition they release the promised interim loan funding of Rs 1,500 crore without delay, said three people with knowledge of the matter. Goyal owns 51% in the airline, but has pledged 31.2% with lenders.
The response of the lenders to the proposal is not known. Meanwhile, Etihad Airways, Jet’s second-largest shareholder, is planning a board meeting to discuss the revival plan proposed by the lenders led by State Bank of India (SBINSE 0.05 %) before taking a call on whether to invest further in Jet Airways, said one of the persons cited above. The airline had earlier refused to be part of the plan and wanted to exit the company.