Naresh Goyal pledges 26 % stake in Jet Airways for loans

Jet Airways founder Naresh Goyal has pledged 26 percent stake in the ailing airline as security for loans from Punjab National Bank, according to a regulatory filing.

New Delhi: Jet Airways founder Naresh Goyal has pledged 26 percent stake in the ailing airline as security for loans from Punjab National Bank, according to a regulatory filing. Last month, Goyal and his wife Anita Goyal quit the board of cash-strapped carrier as part of a debt resolution plan.

Jet Airways Thursday informed the stock exchanges that Goyal has pledged over 2.95 crore shares or 26.01 percent stake with Punjab National Bank. The pledge was created on April 4 as "security for existing/ new borrowings taken by Jet Airways (India) Ltd," the filing to the BSE said.

On the same day, over 5.79 crore shares held by him were released. Those were kept under "non-disposal undertaking" as security for borrowings taken by the airline, as per the filing.

Goyal gave up the chairmanship of Jet Airways, which he founded more than 25 years ago, under a debt restructuring plan wherein lenders have taken control of the carrier. Shares of the airline were trading flat at Rs 264.65 apiece on the BSE.