A group of two employee unions along with a few top officials of Jet Airways have said that they were in discussions with investors to secure funding of $700 million. In a letter to SBI Caps, the employees group has sought clarity on how much equity they could get for the said amount.
The employees group had met SBI Caps on May 2, where they had a preliminary conversation but were told to wait because the formal bidding process was due on May 10. At that time they had proposed to take control by infusing Rs. 7,000 crore. Under a proposal submitted to SBI, the employees had said they plan to put up capital through stock options worth Rs. 4,000 crore and another Rs. 3,000 crore raised from external investors. Their latest letter sought details related to assets, liabilities and how the lenders would use $700 million.
