After lenders approved a fresh funds infusion of Rs 1,500 crore in Jet Airways, SBI Chairman Rajnish Kumar said that he hopes the airline gets back to normalcy, Delhi-Mumbai business fares are not as high as Rs 1 lakh and the incumbent 23,000 employees do not lose their jobs. “The effort would be to restore normalcy, and then sell Jet Airways as a going concern,” he said in an interview to CNBC TV18.
Outlining the details about the fresh Rs 1,500 crore infusion, Rajnish Kumar said that it is an interim secured funding for a period of 2 months. “This is secured lending and there is no undue risk taken by the lender in the scheme of things. In return for this interim funding, lenders are getting 50.5% worth of shares, whose value at today’s market cap is Rs 1,500 crore. This funding will also have priorities in cash flows over any other lending,” he said in the interview.
