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SBI Caps extends bidding deadline for Jet Airways stake sale

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Updated: April 11, 2019 4:57:23 AM

Bidders now have until April 12 to put in their bids and till April 16 to submit hard copies of their EoIs.

SBI Capital Markets, which issued the expression of interest (EoI) document on April 8, has extended the deadline for submission of initial bids to April 12.

Lenders to Jet Airways on Wednesday extended the deadline for submission of initial bids for stake purchase in the ailing airline to April 12 after receiving no bids till Wednesday, which was earlier the last day.

SBI Capital Markets, which issued the expression of interest (EoI) document on April 8, has extended the deadline for submission of initial bids to April 12. Accordingly, potential bidders can send their queries till April 11.

“The qualified bidders will be expected to submit their respective binding bid(s) latest by April 30, 2019, subject to the terms set out under the
bid document,” SBI Capital Markets said in a notice posted on its website.

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“While all soft copies of the EoIs are required to be submitted by the EoI due date, the hard copies may be submitted by April 16, 2019,” the notice said.

Jet’s equity partner, Etihad Airways, which holds a 24% stake, is likely to hold a board meeting on April 11 to discuss the revival plan put forward by the lenders and decide whether to invest further in the carrier.

Earlier this week, the State Bank of India-led consortium invited expressions of interest (EoIs) for control and management of the stressed Jet Airways.

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In a clarification on Wednesday, SBI Caps said any proposed transaction with suitable interested bidders could include restructuring of existing facilities and infusion of funds by way of loans or acquisition or subscription of up to 75% of equity share capital of Jet Airways. The EOI document had earlier only mentioned acquisition of ownership of the company through change in control and management, and settlement of the obligations of company in relation to the existing facilities.

Bidders now have until April 12 to put in their bids and till April 16 to submit hard copies of their EoIs.

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