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Darwin Group, SBI Caps discuss unsolicited bid for Jet Airways

Thursday, May 16, 2019

Top management of lesser known Darwin Group, which was one of the unsolicited bidders for Jet Airways, yesterday met officials of SBI Caps to discuss its proposal.

The Group has offered Rs 14,000-crore deal to the lenders for acquiring the grounded airline, its CEO Rahul Ganpule said.

Darwin Platform Group of Companies claims it has investments across various sectors including oil and gas, hospitality and realty, among others.

Ganpule said the company had submitted its bid on May 8.

"They (SBI Caps) had called us. We wanted to understand the liability and assets of Jet Airways," he told reporters after the meeting.

The consortium of SBI-led seven lenders, which owns 51% in the airline, has offered to sell up to 75% stake in the airline, which stopped flying around mid last month.

The ailing carrier owes over Rs 8,000 crore to the lenders.

SBI Caps had early last month invited expressions of interest between April 8 and 12, on behalf of the lenders to sell their stake in the carrier.

It received one solicited bid from the airline's investment partner Etihad Airways, besides two unsolicited on May 10, which was the last date of submission of financial bids.

The bids were examined by the lenders on May 13 and they found Etihad's bid conditional.    

Ganpule said though the Group had done due diligence before submitting the financial bid, it wanted some more financial details that were not publicly available.

Jet Airways shares continue to fall as top execs de-board airline
Shares of Jet Airways continued to fall for the third straight sessiyesterday, dropping over 5%, after four senior executives, including chief executive Vinay Dube and his deputy Amit Agarwal, quit the ailing airline. The scrip declined 4.18% to close at Rs 123.70 on the BSE. During the day, it tumbled 6.85% to Rs 120.25 -- its 52-week low. Shares of Jet Airways had on Tuesday plunged over 7% and over 8% Monday. In top level exodus at grounded Jet Airways, four senior executives have quit the ailing airline.

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