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SBI set to own 15 percent of Jet Airways after debt for equity swap: Report

State Bank of India, a lender to Jet Airways, is likely to own 15 percent of the cash-strapped carrier after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday citing agencies.

business Updated: Jan 29, 2019 14:36 IST
Reuters
Reuters
Reuters
SBI,jet airways,State Bank of India
Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board as part of efforts to resolve its financing problems.(REUTERS)

State Bank of India, a lender to Jet Airways, is likely to own 15 percent of the cash-strapped carrier after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday citing agencies.

Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board as part of efforts to resolve its financing problems.

Jet’s lenders could end up owning as much as 30 percent while its shareholder Etihad Airways could see its stake go up to more than 40 percent from 24 percent at present as it infuses more equity, the TV channels reported.

First Published: Jan 29, 2019 14:33 IST