Jet Airways promoter and Chairman Naresh Goyal has pledged his entire 51 per cent shareholding in the carrier, valued at about Rs 2,600 crore, to State-run Punjab National Bank (PNB).
In a regulatory filing, the airline said Goyal had pledged 57,933,665 shares, effective January 8, to PNB with a ´non-disposal undertaking´. The reason behind the move wasn´t disclosed. As a strategic partner, UAE-based Etihad Airways holds 24 per cent stake in Jet. The remaining shares are owned by institutional and retail investors. The carrier has a total market value of Rs 5,274 crore.
As of the quarter ended September last year, the loss-making airline was saddled with debt of Rs 9,794 crore, down seven per cent from Rs 10,576 crore as of March 2014.
Goyal pledges entire 51% stake in Jet
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