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Jet Airways shares rose over 3 per cent

The scrip gained 3.14 per cent to close at Rs 264.10 on the BSE. During the day, it jumped 5.38 per cent to Rs 269.85.

PTI PTI
New Delhi Published on: April 08, 2019 20:29 IST
Representational Image
Image Source : PTI

Representational Image

Shares of Jet Airways Monday rose over 3 per cent after State Bank of India (SBI) invited bids from strategic as well as financial bidders for stake sale in the ailing firm.

The scrip gained 3.14 per cent to close at Rs 264.10 on the BSE. During the day, it jumped 5.38 per cent to Rs 269.85.

On the National Stock Exchange (NSE), shares went up by 3.18 per cent to close at Rs 264.25 apiece.

On the traded volume front, 18 lakh shares were traded on the BSE and over one crore shares on the NSE during the day.

SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet Airways, is looking for "change in control and management" of the carrier, according to a public notice.

SBI Capital Markets would assist and advise the lenders on the bid process.

The bids have to be submitted by April 10.

The lenders' consortium has taken control of the airline under a debt recast plan.

Acute financial crunch has forced the airline to ground aircraft, cancel flights and delay payment of salaries, including to pilots.

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