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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  State Bank of India    SBIN   INE062A01020

STATE BANK OF INDIA

(SBIN)
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End-of-day quote. End-of-day quote NATIONAL STOCK EXCHANGE OF INDIA - 09/20
301.7 INR   +10.09%
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Jet Airways case: Etihad's demands for open offer waiver, slots assurance not feasible, says SBI

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06/22/2019 | 04:18am EDT

MUMBAI: State-run SBI Friday said Etihad Airways had sought waiver of open offer and assurance of flying slots for take over of Jet Airways, but the lenders to the debt-ridden carrier had no authority to accommodate the relaxations sought.

State Bank of India (SBI) chairman Rajnish Kumar had Thursday defended the lenders' decisionto take Jet Airways for bankruptcy saying "it was their last effort to find a resolution" for the grounded airline and also did not rule out the possibility of liquidation.

Earlier this week, SBI-led consortium of 26 lenders had decided to seek resolution under IBC as they had received only a conditional bid.

In a filing to stock exchanges Friday, SBI said financial position of Jet Airways (lndia) Limited (JAL) being weak, lenders were continuously trying for viable resolution for last one year on account of operational losses.

ln this regard, it added reputed consultants -- SBICAPS, McKinsey -- were roped in as process advisors/advisors.

ALSO READ | Jet Airways' bankruptcy process begins, stock soars 150 percent

lt was also decided to initiate a bidding process to bring in new investors, SBI said.

As part of the bid process, Expression of lnterest (Eol) for investment in Jet Airways was sought from interested participants.

Etihad, NIIF, TPG Capital and Indigo Partners had expressed their interest on April 10,2019.

The bidding process closed on May 10, 2019.

Subsequent to the closure of the bidding, as no binding bids were received, discussions were held with Etihad (EY) and other prospective investors to find a way for infusion of funds, it said.

"EY had sought certain relaxations viz.

waiver of open offer, assurance of flying slots etc.

As the lenders did not have any authority to accommodate some of the relaxations sought by EY, it was not considered feasible to negotiate on the conditions laid by EY," the SBI told exchanges.

It further said that since a sustainable resolution plan could not be devised and two operational creditors have already approached NCLT, "the member banks agreed in-principle, to approach NCLT, pursuant to the statutory right available to them" under the Insolvency and Bankruptcy Code, 2016.

Accordingly, an application for Corporate Insolvency Resolution Process (CIRP) was filed with NCLT, Mumbai on June 17, it said.

"That bank is only a lender to Jet Airways (India) Ltd and is not involved in or responsible for the management of the affairs of the said company.

"It is the responsibility of Jet Airways (lndia) Ltd being the listed entity to disclose required information under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," SBI said.

The state-own bank also said that initiation of instant lnsolvency proceedings is just a step for Resolution/Recovery under the statutory right available to the Lenders.

Jet Airways, which was grounded on April 17, owes more than Rs 8,500 crore to a consortium of banks led by State Bank o, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.

(c) 2019, Express Network Pvt Ltd. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
JET AIRWAYS (INDIA) LTD -1.61% 33.7 End-of-day quote.-87.66%
STATE BANK OF INDIA 10.09% 301.7 End-of-day quote.-7.38%
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Financials (INR)
Sales 2020 1 428 B
EBIT 2020 693 B
Net income 2020 232 B
Debt 2020 -
Yield 2020 1,27%
P/E ratio 2020 11,8x
P/E ratio 2021 8,38x
Capi. / Sales2020 1,89x
Capi. / Sales2021 1,70x
Capitalization 2 693 B
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Last Close Price 301,70  INR
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Managers
NameTitle
Anshula Kant Managing Director
Rajnish Kumar Chairman
Neeraj Vyas Chief Operating Officer & Deputy Managing Director
Prashant Kumar Chief Financial Officer
Mrityunjay Mohapatra Chief Information Officer & Deputy MD
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