Jet Airways shares slump after reports of Etihad’s non-binding offer
NEW DELHI: Shares of Jet Airways Ltd fell upto 11.4% today morning after reports said a bid for a minority stake by Etihad Airways is non-binding and subject to fulfilment of certain conditions by Jet’s lenders.
Jet Airways shares, which have tumbled almost 70% over the past year, were trading at ₹144.05, down 5.11% or ₹7.75.
Among its conditions, Etihad Airways, which owns about 24% stake in Jet, wants an exemption from an open offer that may be triggered by a change in ownership structure of Jet Airways.
The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80% haircut on their outstanding loans to Jet Airways, Mint reported.
