Jet Airways share hit upper circuit of 5% today after its committee of creditors cleared the revival plan submitted by UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.
Shares of Jet Airways rose 5% to Rs 42.15 against previous close of Rs 40.15 in early trade.
Total 7028 shares changed hands amounting to turnover of Rs 2.96 lakh on BSE.
Market cap of the firm rose to Rs 478 crore. The share hit 52-week high of Rs 50.25 on January 15, 2020 and touched 52 week-low of Rs 13 on March 27, 2020.
The move to revive and operate the airline comes after the carrier had to suspend operations due to acute fund crunch an year ago.
Jet Airways halted its operations on April 17, 2019 due to shortage of funds. The airline was admitted for insolvency on June 20. It has been grounded for over a year now and the slots allotted to it have been re-allocated to other airlines.
Financial creditors to Jet Airways have filed Rs 8,232 crore worth of claims, while operational creditors owed more than Rs 7,300 crore, as per details available on the airline's website. The airline faces claims of over Rs 36,090 crore in NCLT, out of which, claims worth Rs 14,640 crore have been admitted by resolution professional Chhawchharia.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today