Naresh Goyal pledges 26 per cent stake in Jet Airways

Naresh Goyal, the founder of Jet Airways, has pledged 26 per cent stake, i.e. 2.95 crore shares, in the struggling airline as security for loans from Punjab National Bank.

Just last month, both Goyal and his wife stepped down from the board as part of the debt resolution plan.

The pledge, which was created on April 4, 2019, is intended as security for both existing and new borrowings taken by Jet Airways Ltd. On the very same day, more than 5.79 crore shares held by him were released. The same were kept under non-disposal undertaking as security for the company’s borrowings.

On Thursday, the shares of Jet Airways (India) Ltd. opened at Rs. 263.00 and hit a high and low of Rs. 267.90 and Rs. 258.50, respectively. The stock closed at Rs. 260.40, down 1.14 per cent.