Jet Airways is seeking shareholders' nod to convert its debt into equity, appoint bank nominees on the board and increase the authorised share capital of the company to enable the issue of fresh preference shares. An extraordinary general meeting (EGM) of shareholders has been called on February 21 to seek approval for these proposals.
The move comes as the airline's founder-chairman Naresh Goyal is negotiating a debt restructuring and fundraising plan. Sources said a proposal to bring down Goyal's stake to less than 20 per cent from 51 per cent was being discussed.
Enhancing authorised share capital, which the EGM