After receiving Etihad’s offer to buy partial stake in Jet Airways, lenders to the grounded airline will come up with a new scheme to attract more investors. SBI Caps, which is conducting the stake sale process of Jet Airways, will be coming up with a fresh plan by the end of this week.
According to sources with direct knowledge of the development, Etihad has shown interest to acquire a only partial stake in Jet Airways — around 24% — which is one-third of the requirement. SBI Caps will chalk out the contours of the new scheme based on Etihad’s offer. “It [Etihad’s bid] is a bid, but it is not a complete bid. They are saying they are willing to participate, provided there is also someone who comes in. They have communicated their terms and conditions in their bid,” said a source.
Sources said after fresh shares are issued, Etihad’s stake will fall to almost zero, from 24% now. Etihad has indicated it would like to retain 24% stake in the airline and has offered Rs. 1,700 crore.
