Banks might agree to acquire up to a 20 per cent stake in Jet Airways as the Hinduja group is not keen to exceed its shareholding beyond 30 per cent in the grounded airline, sources close to the development said a day ahead of a crucial meeting at the Etihad headquarters in Abu Dhabi.
According to the plan discussed by the lenders’ consortium, led by State Bank of India (SBI), banks will hold the stake for up to two years. Subsequently, they can sell it and cash out.
“The Hindujas are unwilling to invest a bulk amount. In that scenario, banks will propose to hold the remaining 20 per cent stake for a certain period with terms and conditions, which will allow them to cash out after two years,” said a person in the know.
