{"id":116170,"date":"2019-03-25T19:30:35","date_gmt":"2019-03-25T19:30:35","guid":{"rendered":"https:\/\/www.bnreport.com\/jet-airways-flies-high-on-goyals-exit-experts-say-dont-rush-to-buy\/"},"modified":"2019-03-25T19:30:35","modified_gmt":"2019-03-25T19:30:35","slug":"jet-airways-flies-high-on-goyals-exit-experts-say-dont-rush-to-buy","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/jet-airways-flies-high-on-goyals-exit-experts-say-dont-rush-to-buy\/","title":{"rendered":"Jet Airways flies high on Goyals exit; experts say don’t rush to buy"},"content":{"rendered":"

Beleaguered airline Jet Airways<\/a> flew high on Dalal Street on Monday after founder Naresh Goyal<\/a> and his wife Anita stepped down from the board as part of a rescue plan.<\/p>\n

Shares of Jet outpaced the market with a rally of 12.69 per cent against 0.93 per cent fall registered by benchmark BSE Sensex.<\/p>\n

The airlines board approved a resolution plan formulated by SBI-led consortium of lenders. Now, Goyal will remain an investor with 25 per cent stake, with lenders controlling lions share of 50.1 per cent.<\/p>\n

Anil Singhvi, Chairman of Ican Investment believes this is a step in the right direction. \u201cThis is a pre-IBC resolution plan rather than litigating after going into the NCLT process. It is much better. Proactively, the banks are looking for solutions and it is high time,\u201d he noted.<\/p>\n

The market capitalisation Jet Airways stands at around Rs 2,900 crore as against total outstanding loans and other dues, which are in excess of Rs 10,000 crore.<\/p>\n

Singhvi in a chat with ETNow said, \u201cIt is much better that we have these kind of resolutions than litigations. I think it is good for shareholders, good for lenders. It is very important that lenders proactively look at it. They must infuse funds and get a professional setup of the board and the management team and be again in the business. We cannot afford to lose Jet Airways.\u201d<\/p>\n

In the filing to stock exchanges, Jet Airways said Naresh Goyal, Anita Goyal and one nominee of Etihad Airways<\/a> would step down from the board.<\/p>\n

Abu Dhabi-based Etihad is a strategic partner with 24 per cent stake in Jet Airways.<\/p>\n

The airline firm, which has been operating for more than 25 years, has been facing a financial crunch.<\/p>\n

Mustafa Nadeem, CEO, Epic Research said, \u201cWith Naresh Goyal stepping down, it might help the company get around Rs 1,500 crore as funding, which is just a relief for a very short term. The overall scenario is still wore.\u201d<\/p>\n

Earlier, Jet Airways suspended operations on at least 14 international routes till the end of April and over 80 planes are on the ground. As many asRead More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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