Shares of airline were trading 3.54 per cent lower at Rs 261.40 apiece on BSE.Jet Airways Chairman Naresh Goyal has told State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in airline on condition that his stake does not fall below 25 per cent.
Mr Goyal's offer comes against backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Mr Goyal should give up control, for infusing funds into crisis-hit carrier.In a letter to SBI Chairman Rajnish Kumar, Mr Goyal said he is writing with reference to resolution plan under discussion and in view of Etihad's position, "despite significant cash crunch and imminent grounding, which airline is facing".Mr Goyal said he is committed to an "infusion of funds into company to extent of Rs 700 crore" and pledging all his shares.This is subject to condition that his shareholding post such infusion is at least 25 per cent, he said in letter which was seen by PTI."Should this not be possible, then I would not be able to infuse any funds or pledge my shares, unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering Takeover Code," as per letter.When shareholding of an entity in a listed company goes beyond a certain threshold, then open offer requirement is triggered under Sebi's Takeover Code.SBI is lead lender of a consortium of domestic banks that has provided loans to airline; and stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.According to Jet Airways' shareholding pattern on BSE, as of quarter ending December 2018, Mr Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in company.Shares of airline were trading 3.54 per cent lower at Rs 261.40 apiece on BSE.