Tuesday, December 31, 2019

Jet Air jumps 5% as Hinduja brothers likely to bid for airline

New Delhi: Shares of Jet Airways climbed 5 per cent in Tuesday’s trade amid reports that Hinduja Group is preparing a bid to buy the grounded carrier.

According to a Bloomberg report, Gopichand Hinduja and Ashok Hinduja led group is planning to submit an expression of interest (EOI) by January 15 deadline. The EOI will signal the UK-based group’s intent to make a formal offer, the people said, asking not to be identified as the deliberations are private.
Hinduja is seeking a partner to bid, one of the people told Bloomberg.
Hinduja Group had earlier this year considered bidding for Jet Airways in partnership with Etihad, but Etihad jettisoned the proposal and Jet Airways was tipped into bankruptcy.
Following the report, the stock jumped 4.96 per cent to hit a high of Rs 29.60 on BSE.
31/12/19 ETMarkets.com/Economic Times
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