MUMBAI -- Lenders to troubled Indian carrier Jet Airways met on Wednesday to consider a rescue proposal by Etihad Airways in which the United Arab Emirates airline would inject about $35 million and become the biggest shareholder, on condition that founder Naresh Goyal steps down as chairman.
But the five-hour meeting proved inconclusive as the consortium of lenders, led by State Bank of India, could not agree on Etihad's proposal to buy Jet Airways shares at 150 rupees per share, sources said. Lenders want the shares priced based on the formula set by the Securities and Exchange Board of India, which takes the weighted average of 60 trading days of the scrip before the offer is made.
