Jet Airways Stock Jumps On Bid Buzz

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Jet Airways’ shares were locked on the top racetrack on Wednesday after it was reported that the now-defunct airline had received two bids.

Jet Airways‘ stake in BSE rose by 4.89 percent to 27.90 rupees.

The rally came to the news that two consortia had submitted their offers on Tuesday.

One of the consortia is Flight Simulation Technique Center Pvt Ltd. (FSTC), Big Charter Pvt Ltd., and Imperial Capital Investments LLC. Both FSTC and Big Charter are managed by entrepreneur Sanjay Mandavia, while Imperial Capital is an investment banking and wealth management company based in Dubai, says Money Control’s report.

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The second consortium consists of the London-based financial services company Kalrock Capital and the entrepreneur Murari Lal Jalan.

Jet Airways was in the news last month when Vrihis Properties emerged as a successful bidder for its Bandra Kurla Complex and the company “decided” to accept the offer for 490 crore rupees.

Also ReadTravel agents to get only 8% of refund from Jet Airways: IATA

On June 13, the Jet Airways Resolution Professional released a public announcement about the sale or transfer of the third and fourth floors of the company’s building in “Jet Airways Godrej BKC” as part of a public auction at a minimum price of Rs 490 crore.

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The liquidator had obtained permission from the National Company Law Tribunal to sell the premises after a decision was taken at the April 24 meeting of the Creditors’ Committee with 74.45 percent of the vote.

In its order of June 11, the NCLT’s main bank had given the airline permission to sell the premises in order to use the proceeds to settle the HDFC fees of 360 crore rupees, as opposed to their claim of 424 crore rupees.

Stay tuned for more updates on the news. Until then,

Wear Mask. Follow Social Distancing. Stay Healthy. Stay Safe.

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