Jet Airways to sell Netherlands biz to KLM; stock down ~5%

The company and the Dutch Trustee have entered into a conditional sale and purchase agreement with Koninklijke Luchtvaart Maatschappij N.V., on January 13, 2020.

Jan 17, 2020 05:01 IST India Infoline News Service

Jet-Airways2
A resolution professional of Jet Airways Ltd. under the Insolvency and Bankruptcy Code, 2016, said that the company is exploring various options for the company’s resolution and maximizing the value for its stakeholders.

Further, there is a separate liquidation proceeding ongoing in the Netherlands and the Resolution Professional has agreed a Cooperation Protocol with the Dutch Trustee appointed by the local court.

In this context, the company and the Dutch Trustee have entered into a conditional sale and purchase agreement with Koninklijke Luchtvaart Maatschappij N.V., on January 13, 2020, for the proposed resolution of business activities of the company in the Netherlands as approved by the Committee of Creditors.

The proposed resolution is subject to the completion of several conditions including statutory and regulatory clearances, both under Indian law and Dutch laws, the company informed.

Stock View:

Jet Airways (India) Ltd is currently trading at Rs45.40 down by Rs2.35 or 4.92% from its previous closing of Rs47.75 on the BSE.

The scrip opened at Rs45.40 and has touched a high and low of Rs45.40 and Rs45.40 respectively. So far 27,982 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs542.44cr.


Related Story

Open Demat Account