Lenders will get a majority stake in Jet Airways as they convert their debt into equity to revive the crisis-hit airline, which has a funding gap of over Rs 8,500 crore.
Banks led by the State Bank of India (SBI) will now occupy the cockpit of the airline as they get a 50 per cent stake in the full-service carrier for an aggregate consideration of Re 1.
Founder Naresh Goyal’s holding will come down to 25 per cent, while the Abu Dhabi-based Etihad will see its stake falling to 12 per cent from the current 24 per cent.
