Beleaguered Jet Airways on Thursday held an Extraordinary General Meeting (EGM) to seek shareholders’ approval for a Bank-led Provisional Resolution Plan (BLPRP) as part of which lenders will become the largest equity owners of the airline.
The proposal, an attempt to relieve the financial strain on the passenger carrier, was put forth to the shareholders at the EGM held here on Thursday. Results of the vote will be announced on Friday.
The special resolution to allow conversion of loans into “shares or convertible instruments or other securities” comes after Jet Airways Board approved the BLPRP on February 14. Read More