New Delhi, June 14, 2018: After an aborted sell-off plan that so no single bidder take part in the tender offer for Air India, the national carrier is reported to be looking to offload its shares onto the \public in what is termed as a diversified shareholder mechanism.
Air India has called for financial bids by 13 June for a Rs1,000-crore term loan of one-year tenure as a stop-gap arrangement ahead of the stake sale.
“Air India is inviting bids for government guaranteed INR STL totalling to Rs1,000 crore to meet its urgent working capital requirements,” the airline said in a statement according to aviationindia.net.
“The tenure of the loan will be for one year (renewable) from the date of availing the STL. The amount of Rs1,000 crore will be drawn in June` 18 in one or more tranches. “The government of India guarantee is presently valid for one year,” it added.
Meanwhile a Hindu BusinessLine report quoting NITI Aayog vice chairman Rajiv Kumar said the government is looking to cast the net either by selling shares to the larger public.