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Naresh Goyal has pledged 26% stake in Jet as security for loans from PNB

Press Trust of India/New Delhi 11 Apr 19 | 02:20 PM

Jet Airways founder Naresh Goyal has pledged 26 per cent stake in the ailing airline as security for loans from Punjab National Bank, according to a regulatory filing.

Last month, Goyal and his wife Anita Goyal quit the board of cash-strapped carrier as part of a debt resolution plan.

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Jet Airways Thursday informed the stock exchanges that Goyal has pledged over 29.5 million shares or 26.01 per cent stake with Punjab National Bank.

The pledge was created on April 4 as "security for existing/ new borrowings taken by Jet Airways (India) Ltd," the filing to the BSE said.

On the same day, over 57.9 million shares held by him were released. Those were kept under "non disposal undertaking" as security for borrowings taken by the airline, as per the filing.

Goyal gave up the chairmanship of Jet Airways, which he founded more than 25 years ago, under a debt restructuring plan wherein lenders have taken control of the carrier.

Shares of the airline were trading flat at Rs 264.65 apiece on the BSE.

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