Jet Airways shares plunge 11.4% as Etihad submits non-binding, conditional bid

However, hope came in the form of unsolicited bidders who reached out to Etihad and expressed an interest in partnering with the airline. Who are they

New Delhi: Shares of debt-ridden Jet Airways plunged upto 11.4 percent on Monday morning after a section of the media claimed that a bid submitted by Etihad Airways to get a minority stake in the airline was is non-binding and conditional. Jet Airways shares, which have dipped almost 70 percent over the last year, were trading at Rs 144.05, down 5.11 percent or Rs 7.75.

What are the conditions put forward by Etihad?

Among the conditions put forward by Etihad Airways, is the demand to get an exemption from an open offer that may get triggered by a change in the ownership structure of Jet Airways. Etihad currently owns a 24 percent stake in the airline.

Etihad has so far not been able to find a local partner. According to reports, it has promised to invest just Rs 1,700 crores into the beleaguered airline.

Bids from unsolicited bidders

Meanwhile, unsolicited bidders have come forward and reached out to Etihad. Lakshay Uttam, who is part of the consortium that also includes British entrepreneur Jason Unsworth, is one of the unsolicited bidders who has expressed an interest in partnering with Etihad.

AdiGro Aviation, part of the AdiGroup, has also said it has already reached out to Etihad to partner with the airline in its bid for Jet Airways.

Separately, a group of Jet Airways employees have also come forward to take control of the airline, promising a capital infusion of Rs 7,000 crores.

The interest from these unsolicited bidders is expected to help both Etihad and Jet Airways as the former has already said that it will remain a minority shareholder in the airline.