Relief finally for Jet Airways; shareholders clear all proposals from carrier

Jet Airways on Friday said its shareholders have approved with majority all the proposals put forth by the company, voting for which happened at the extraordinary general meeting on Thursday.

Shareholders approved the conversion of debt into equity that was sought by the airline, as this is required for the ongoing debt restructuring and resolution plan, and for share swap of debt into equity by the banks. Shareholders also approved and authorised the company to increase its share capital from Rs 200 crore to Rs 2,200 crore, and also the alteration to the articles of association of the company.