Jet Airways to announce EGM results on Saturday

Jet Airways

Jet Airways, which has sought shareholders nod for the resolution plan that seeks to allot 11.40 crore shares to the lenders as part of converting debt into equity, Friday said it will announce the results of the e-voting Saturday.

In a regulatory filing, the airline said it will inform the and the exchanges about the outcome of the EGM on Saturday. The cash-strapped full service airline is looking for funds and restructuring of debt, which stood at Rs 7,299 crore as of December 2018.

In the three months to December, it reported a consolidated loss of Rs 732 crore. On February 14, Jet Airways board approved a bank-led resolution plan whereby lenders would become the largest shareholders in the airline with 50 percent shareholding and make founder chairman Naresh Goyal to leave the board.

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