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Jet Airways Seeks Shareholder Nod To Convert Loans Into Equity

Jet Airways is seeking approval to increase its authorized share capital to Rs 2,200 crore from Rs 200 crore

Sajeet Manghat
A Boeing Co. 737 aircraft operated by Jet Airways India Ltd. taxies at Chhatrapati Shivaji International Airport in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Jet Airways India Ltd. is seeking shareholder nod for allowing banks and financial institutions to have a say in the operations of the airline by converting loans into shares.

Also Read: How Much Will An Etihad Stake Increase Help Jet Airways?

The airline is now seeking to amend its memorandum of association to allow nominees of banks and financial institutions on its board. That’s not allowed currently and as per the terms of financing with lenders, the company will insert a new clause.

It is now proposed to insert Clause 45A in the Articles of Association of the company providing for such appointment of directors nominated by the lenders. 
Jet Airways’ EGM Notice 

Shares of Jet Airways fell as much as 3.18 percent to Rs 245 apiece before paring losses. The stock has lost 67 percent of its value in the last one year.

Also Read: Hurdles That May Prevent Etihad From Playing White Knight For Jet Airways

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Sajeet Manghat
Sajeet Kesav Manghat is Executive Editor at NDTV Profit. He is a graduate i... more
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