NEW DELHI: Shares of Jet Airways Ltd fell upto 11.4% today morning after reports said a bid for a minority stake by Etihad Airways is non-binding and subject to fulfilment of certain conditions by Jet’s lenders.

Jet Airways shares, which have tumbled almost 70% over the past year, were trading at 144.05, down 5.11% or 7.75.

Among its conditions, Etihad Airways, which owns about 24% stake in Jet, wants an exemption from an open offer that may be triggered by a change in ownership structure of Jet Airways.

The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80% haircut on their outstanding loans to Jet Airways, Mint reported.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet and SBI were not immediately available for comments.

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