The consortium of lenders led by the State Bank of India has not rejected Etihad Airways bailout offer regarding Jet Airways, which was experiencing financial difficulties, and is awaiting the decision of Sebi (Securities and Exchange). Exchange Board of India) to grant exemptions to the foreign player, the chairman of SBI, Rajnish Kumar. said Saturday.

Etihad, which owns 24% of the capital of the second largest Indian airline, has proposed to invest at Rs 150 per share, or 53% of Jet's closing price, Friday, at Rs 281.35. UAE is also seeking a Sebi exemption on preferential rates and open offer guidelines to further invest in the bailout.

"We can not refuse the person's resolution plan. We say that there is a regulation governed by Sebi. What we need to see is what Sebi says, "Kumar said on the sidelines of an event held in the city of Gujarat International Finance (GIFT City) in Gandhinagar. "If no regulatory exemption is required, then it is easier (to be solved). If a regulatory exemption is required, then they must contact the regulator and we need to know his point of view, "he added.

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Jet owes more than 8,000 crores to its consortium led by SBI. The lenders are now suspicious of a situation similar to that of Kingfisher, after the airline failed to repay its loans in December. Etihad's offer comes with runners. The founder and president of Jet, Naresh Goyal, who owns 51% of the capital, transfers the seat to the board of directors and reduces his participation to 22%. The debt can not be converted into shares.

Goyal, for his part, told SBI that he was willing to invest up to 700 rupees and pledge all his shares if he kept at least 25% of the airline.

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Kumar said, "They have their own differences. If they were not there, we would have solved it now. These are all complex problems and they are not solved in a day. But we are very close to the resolution. "

Kumar also reiterated that, since Essar Steel's insolvent case before the National Corporate Law Tribunal (NCLT) had gone through the 270-day period, SBI could not block its capital. SBI recently sold its bad debts on Essar Steel at an updated reserve price of 9587.64 crores. "We expected the resolution and recovery to occur in September and later in December, but that did not happen. We do not know if it will happen in March or not. The bank can not afford to keep its capital stuck for such a long time, "said Kumar.

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Regarding the Code of Insolvency and Bankruptcy (IBC), he said that it was a good process and that the lenders were determined to make it a success. "The spirit of CIB is a quick resolution and a period of 270 days. So, as long as we can not meet this schedule, there will be no problem, "he added.

Commenting on Essar Asia Holding Ltd.'s offer of more than 54,000 crores of rupees to save Essar Steel, Mr Kumar said the lenders were not in favor of the same thing. "It's not just the Essar promoters, but of all those who come after the end of the process, the lenders do not support it, when the whole process is over and all of a sudden, you wake up and pay … then the sacredness of the process is gone. "

On interest rates from the Reserve Bank of India (RBI), Kumar said that given the current scenario, it was unlikely that rates would be raised. "One thing is certain, in this scenario, that interest rates will not increase.It is very difficult to predict whether they will cut or not, at this point."

The Chairman of the SBI was on the BSE India (India INX) International Stock Exchange for a $ 1.25 billion bond issue on its global securities market (GSM). , India's premier fund raising platform for international investors, regardless of their currency, at GIFT City's International Financial Services Center (IFSC). SBI also announced the issuance of a green bond issue on India INX.