Jet airways is being sold at Rs 1 , here's why
Image Credit: Shortpedia
Jet Airways is under huge debt and they are selling majority of their stake for 1 rupee. This is a part of their bailout plan so that they can get some time. A group of lenders by SBI has proposed to buy majority of Jet Airways stake for Rs 1 while issuing 114 new shares. This procedure is applicable for companies with a negative net worth. It will give the airline the time to look for fresh investments.