India's SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways

The State Bank of India (SBI)-led consortium of lenders is waiting for India’s capital markets regulator to decide on a bailout offer by Etihad Airways for the financially stressed Jet Airways, SBI chairman Rajnish Kumar said, the Business Standard reported Saturday. Etihad which is a major shareholder in Jet, is seeking an exemption from the Securities and Exchange Board of India (SEBI) on preference pricing and open offer guidelines to increase its stake in the cash-strapped carrier. Etihad, which holds a 24% stake in the airline, has made an offer to invest only at INR150 per share, which is 53% of Jet’s closing price of INR281.35 Friday. “We are nobody to reject anybody’s resolution plan. We are saying that there is a regulation governed by SEBI. What we have to see is that what SEBI says,” Kumar said. <br/>