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Founder Naresh Goyal Pledges 26% Stake In Jet Airways For Loan


Naresh Goyal, the founder of Jet Airways has pledged 26 percent stake in the ailing airline as security for loans from Punjab National Bank (PNB), according to a regulatory filing.

On Thursday, Jet Airways informed the stock exchanges that Goyal has pledged over 2.95 crore shares or 26.01 percent stake with PNB.

The pledge was created on April 4 as "security for existing/ new borrowings taken by Jet Airways (India) Ltd," the filing to the BSE said.

Founder Naresh Goyal Pledges 26% Stake In Jet Airways For Loan

On the same day, over 5.79 crore shares held by him were released. Those were kept under "non-disposal undertaking" as security for borrowings taken by the airline, as per the filing.

In March, Naresh Goyal and his wife Anita Goyal resigned from the board of the carrier as part of a debt resolution plan. Goyal gave up the chairmanship of Jet Airways, the airline that he founded more than 25 years ago, under a debt restructuring plan wherein lenders have taken control of the carrier.

Various media reports suggest that the airline has received bids from four firms for its ongoing stake sale. The stake sale that was scheduled to end on Wednesday has been extended to Friday.

The bankers to the carrier had invited bids to a stake sale in the company under the present regulatory and legal framework that started on 6 April. In the absence of satisfactory bids, the lenders will explore other options.

Shares of the Jet Airways closed 1.14 percent lower at Rs 260.40 apiece on the BSE on Thursday.

Read more about: jet airways
Story first published: Thursday, April 11, 2019, 17:20 [IST]
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