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Shares of Jet Airways Ltd , reverse early losses to gain as much as four per cent in volatile trade.
After the market hours on Thursday, the board said it approved a rescue deal which will make its lenders its largest shareholders and fix a near ₹85 billion ($1.19 billion) funding gap.
Also read: Banks come up with rescue package for Jet
The plan by the lenders, led by State Bank of India (SBI), includes an equity infusion, debt restructuring and the sale or sale and lease back of aircraft
Jet Airways’ shares fell as much as 4.83 per cent to ₹215.
The company also reported on Thursday a net loss of ₹5.88 billion ($82.47 million), which is its fourth straight quarterly loss.
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