India regulator SEBI has no “view” on relaxing norms for Jet bailout


India’s capital markets regulator said on Wednesday it had not expressed an opinion on giving any relaxation to cash-strapped carrier Jet Airways Ltd , which is struggling to finalise a bailout deal with its major shareholder Etihad Airways.

Jet Airways, hurt by high fuel prices, a weak rupee and intense domestic competition, is struggling to stay afloat and owes money to banks, employees, vendors and lessors – some of which are exploring taking back aircraft, sources have told Reuters.

Etihad, which holds a 24 percent stake in Jet, is seeking an exemption from the Securities and Exchange Board of India (SEBI) on preference pricing and open offer guidelines to increase its stake in the cash-strapped carrier, local media reported.

SEBI is unlikely to exempt Etihad from making an open offer despite persuasion from one of Jet’s lenders, Read More

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