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Jet Airways shares up 3% on revival hopes after lenders receive two 'unsolicited' bids for debt-laden airline

New Delhi: Shares of Jet Airways rose by nearly 3 percent on Friday after State Bank of India chairman Rajnish Kumar said the lenders have received two "unsolicited" bids for the company and "one" more is expected by the end of the day, keeping the hopes for the revival of the grounded carrier alive.

The scrip went up by 2.85 percent to close at Rs 151.80 on the BSE. During the day, it gained 6.91 percent to Rs 157.80.

 Jet Airways shares up 3% on revival hopes after lenders receive two unsolicited bids for debt-laden airline

Representational image. Reuters.

In terms of traded volume, 21.26 lakh shares were traded on the exchange during the day.

The consortium of 26 lenders, led by State Bank of India (SBI), which now owns 51 percent in the airline, had invited expressions of interest (EoIs) between 8 and 12 April and had received four preliminary bids.

"Two unsolicited bidders have submitted EoI for Jet and we are expecting one more bid by the end of the day," Kumar told reporters at the earnings conference in Mumbai.

Jet Airways stopped operations on 17 April due to acute financial distress.

The BSE had sought clarification from Jet Airways on Thursday with respect to news that regional director report finds instances of siphoning of funds.

In a clarification to the BSE, Jet Airways Friday said, "Please note that the regional director, western region, Ministry of Corporate Affairs had, in September 2018, conducted an inspection and sought certain details and documents. Further details/documents were sought in April, 2019. The company had provided the required details/documents and no further communication has been received by the company in this matter."

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Updated Date: May 10, 2019 18:40:24 IST