Dubai - Mubasher: The shareholders of India’s Jet Airways, which is 24%-owned by Etihad Airways, have approved a plan to increase the company’s capital, converting existing debt to equity.
The plan will allow the carrier’s lenders to buy stakes in it, according to Reuters.
Jet Airways’ share capital will be increased to INR 22 billion ($309.8 million) from INR 2 billion ($28.16 million).
Last month, the Indian airline agreed on a group of conditions set by Etihad Airways to bail out the troubled Indian carrier.
Etihad Airways doubled its stake in India's debt-laden to 49% from 24% in January.
