Lenders to debt-burdened Jet Airways have come up with a new debt resolution plan that includes fresh fund infusion of Rs 9,535 crore, a rights issue share sale and complete exit of founder Naresh Goyal and Etihad Airways.
According to media reports, there will be an equity infusion of Rs 3,800 crore by two investors that may include the National Investment and Infrastructure Fund (NIIF). Banks will chip in Rs 850 crore more while Rs 485 crore will be on behalf of public shareholders. An additional debt of Rs 2,400 crore and non-fund based facilities of Rs 2,000 crore are also part of the plan.
While the new plan ensures exit of Goyal and Etihad, it also implies huge haircuts for banks that are working overtime to save the airline. Goyal and Etihad hold 51 percent and 24 percent stake in the company, while a consortium of lenders led by the State Bank of India (SBI), which have outstanding exposure of Rs 8,200 crore, will have to write-off debt worth Rs 2,600 crore.