Jet Airways shares jump over 4% as cash-strapped airline secures loan worth over Rs 2,000 cr from PNB

Shares of Jet Airways gained over 4 percent on Monday amid reports that the cash-strapped airline has secured a loan worth over Rs 2,000 crore from Punjab National Bank (PNB)

Press Trust of India March 11, 2019 13:49:49 IST
Jet Airways shares jump over 4% as cash-strapped airline secures loan worth over Rs 2,000 cr from PNB
  • According to a report, Jet Airways has raised loan worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB

  • It said the loan has been raised through two separate agreements with the state-run bank

  • Intra-day, shares of Jet Airways rose 4.68 percent to a high of Rs 254.50 on BSE

New Delhi: Shares of Jet Airways gained over 4 percent on Monday amid reports that the cash-strapped airline has secured a loan worth over Rs 2,000 crore from Punjab National Bank (PNB).

Intra-day, the stock rose 4.68 percent to a high of Rs 254.50 on BSE.

Jet Airways shares jump over 4 as cashstrapped airline secures loan worth over Rs 2000 cr from PNB

Representational image. Reuters.

Similarly, on NSE, the scrip rose to an intra-day high of Rs 255, up 4.83 percent.

According to a report, the airline has raised loan worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB.

It said the loan has been raised through two separate agreements with the state-run bank. Under one agreement, Jet Airways received a credit facility of Rs 1,050 crore, and a non-fund based facility of Rs 700 crore.

The other agreement has a credit facility of Rs 1,000 crore that includes a term loan of Rs 750 crore and a non-fund based facility of Rs 250 crore, the report added.

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