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SBI Caps to shortlist bidders for Jet Airways soon
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SME Times News Bureau | 16 Apr, 2019
Even as the much-needed funding remains elusive for Jet Airways,
merchant banker SBI Caps has started the process for sale of the
financially troubled carrier for lenders.
The SBI Caps' legal
team is working on the expressions of interest (EoIs) received from
investors and bidders will be selected soon.
"The proposed equity
conversion by banks, if any, will be undertaken as a transitory
mechanism to facilitate the bidding-cum-sale process," the State Bank of
India (SBI) said in a statement on Monday.
The SBI Caps is
acting on behalf of the group of lenders as part of the bank-led
resolution process. Necessary support to facilitate the process is being
extended by other banks in the consortium.
"Cooperation and support from all other stakeholders will be the key to the success of the process," SBI said.
The
airline, which has been expecting Rs 1,500 crore interim funding from
lenders, has failed to get that despite several meetings. The latest
meeting with lenders on Monday too remained inconclusive.
With
delay in fund infusion, Jet's operations have been shrinking. The
airline's fleet has shrunk to 7 aircraft from 119, a few months back.
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