Ready to infuse up to Rs 700 cr in Jet Airways subject to conditions, says Jet Chairman Naresh Goyal
New Delhi, Jan 17: Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.
Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.
In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".
Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares.
This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.
"Should this not be possible, then I would not be able to infuse any funds or pledge my shares, unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering the Takeover Code," as per the letter.
When shareholding of an entity in a listed company goes beyond a certain threshold, then the open offer requirement is triggered under Sebi's Takeover Code.
SBI is the lead lender of a consortium of Indian banks that has provided loans to the airline; and the stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.
According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.
Shares of the airline were trading 3.54 per cent lower at Rs 261.40 apiece on BSE.
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4 held for sexually assaulting woman, girl on moving bus after social media alert in UP's Agra
Agra (UP) (PTI): Four people were arrested, after a prompt response by police following a social media alert, for allegedly sexually assaulting a woman and a girl inside a moving bus here, officials said on Tuesday.
According to an official police statement, at 12:27 am on April 27, information was received on the social media platform X about an incident of sexual assault on a bus travelling from Kanpur to Ahmedabad, which was approaching Namner crossing in Agra.
Acting under the direction of Police Commissioner Deepak Kumar, the Agra Police social media team immediately alerted the Rakabganj police station within minutes and coordinated with the victims to confirm the incident and obtain the exact location, it stated.
Police teams launched intensive checking at Namner crossing and intercepted the bus as it reached the spot. The four accused involved in the incident were apprehended on the spot, and legal action was initiated against them, the statement said.
The police said the swift response and coordination between the social media team and field units ensured timely action, bringing relief to the victims and other passengers, who expressed gratitude towards the police, it added.
