State Bank of India (SBI) Monday said that it expects investors or buyer for the cash-strapped Jet Airways by the end of May and promoter Naresh Goyal has option of increasing his stake in the beleaguered airline to beyond 25 per cent in the future.
Consortium of lender led by the SBI has agreed to put in Rs 1,500 crore immediate funding by acquiring 51 per cent stake in the company through issue of Rs 11.4 crore fresh shares.
As a result, the stake of promoter Naresh Goyal will come down to 25 per cent from 50 per cent, while Abu Dhabi’s Etihad Airways, which had a 24 per cent stake in the carrier, came down to 12 per cent.
