Shares of Jet Airways were locked in a 5 percent upper circuit for the eighth consecutive session on Monday after lenders finally zeroed in on a revival plan for the aircraft carrier.
The resolution plan submitted by the consortium of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan secured over 99 percent of the votes from the committee of creditors.
Banking executives confirmed to CNBC-TV18 that the offer entails a total payout of Rs 866 crore to all creditors. Of this, the Kalrock-Jalan consortium has offered Rs 380 crore to financial creditors, and another Rs 391 crores in the form of non-convertible debentures (NCDs). It has also offered equity to the lenders in both Jet Airways and Jet Privilege Pvt. Ltd (JPPL).
"The e-voting concluded today, ie. October 17, and the resolution plan submitted by Murari Jalan and Florian Fritsch has been duly approved by the CoC," resolution professional Ashish Chhawchharia told the exchanges in an announcement later on Saturday.
The stock rose was locked in a 5 percent upper circuit at Rs 42.15 per share on BSE. In the last eight sessions, the stock has gained nearly 50 percent.
Jet Airways has been grounded since April 17, 2019, due to a massive liquidity issue. Various classes of creditors have collectively made claims of Rs 40,259.12 crores against Jet Airways in NCLT.
Jet Airways had earlier received bids from two consortiums, one comprising Kalrock Capital and Jalan, and the other by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter, and Abu Dhabi’s Imperial Capital Investments Llc.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM