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Jet Airways share soars 17% amid hopes for debt crisis resolution

As per media report, Naresh Goyal is likely to step down from the board giving up majority control and his stake in the airline may be down to 20-25 percent.

Shares of Jet Airways India rallied as much as 17 per cent on Monday amid hopes that lenders will come up with a comprehensive plan to deal with its crippling debt crisis.

"The resolution plan for the company's debt is likely to be finalised after lenders' meet this week," CNBC-TV18 said quoting unnamed sources.

Cheering the news, shares of ill-fated airline jumped as much as 17 per cent in intra-day trade to Rs 297 apiece on the Bombay Stock Exchange, before closing at Rs 253.50. Early today, the scrip opened tad higher at Rs 254.80 against previous closing price of Rs 253.50.

According to data available with exchange, as much as 35.21 lakh shares have changed hand over the counter as compared to two-week average of 8.47 lakh shares.

In a similar trend, the stocks of Naresh Goyal-owned company surged 15.67 per cent to close at Rs 293.40 on the National Stock Exchange.

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On January 9, CNBC-TV18 had reported that Jet Airways' lender propose USD 900 million turnaround plan, while Naresh Goyal may bring down stake to about 26 per cent.

The exchange had sought clarification from the company regarding the same. In a clarification to exchange, Jet Airways has said that there is no discussion or decision in the board which would require a disclosure under applicable regulations.

Naresh Goyal is likely to step down from the board giving up majority control and his stake in the airline may be down to 20-25 percent, sources told the television channel.

"His son Nivaan Goyal may replace him on the board."

As per the shareholding pattern available on the BSE, promoter Naresh Goyal owns a 51 per cent stake in Jet Airways and Etihad Airways owns 24 percent. Etihad Airways may hike its stake in the company to 49 per cent through an open offer, according to sources.

Earlier this month, Jet Airways, which owes over Rs 8,000 crore to SBI-led consortium, had defaulted on payments of debt to the banks.

Edited by Chitranjan Kumar