Shareholders of loss-making Jet Airways have approved the resolution plan by the cash strapped airline’s board at Thursday's extraordinary general meeting (EGM).

Nearly 98 percent of shareholders approved the conversion of loans into shares or convertible instruments or other securities.

Also, shareholders approved alteration of the articles of association by 97 percent, alteration in the object clause of Memorandum of Association (MoA) of the company by 99.99 percent and alteration in the liability clause of MoA by 99.99 percent.

On Thursday, Jet Airways founder promoter and chairman Naresh Goyal did not attend the EGM and the meeting was chaired by whole-time director Gaurang Shetty.

On February 14, Jet Airways' board approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in the airline.

In the three months ended December 2018, Jet Airways reported a consolidated net loss of Rs 732 crore.

Currently, Goyal owns 51 percent stake in Jet Airways, while Etihad holds a 24 percent stake. The airline has a debt of over Rs 8,000 crore.

Shares of Jet Airways settled at Rs 236.70 apiece, up 0.79 percent on the BSE.

First Published:Feb 22, 2019 9:43 PM IST