SBI set to own 15% of Jet Airways

State Bank of India is likely to own 15 per cent of Jet Airways after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday, citing agencies.

Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board.

Jet’s lenders could end up owning as much as 30 per cent while its shareholder Etihad Airways could see its stake go up to more than 40 per cent from 24 per cent at present.

Location: