Shares of Jet Airways gained as much as 4.6 percent to Rs 254.50, on news reports that the airline company has received a fresh loan of Rs 2,050 crore from Punjab National Bank (PNB).

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At 9:55 am, the stock was trading at Rs 250.25, up 2.9 percent on BSE. In comparison, the S&P BSE Sensex gained 0.8 percent at 36,965. The stock has gained over 13 percent in the month of March but slipped 8.8 percent on a year-to-date basis.

The airline had also raised foreign currency term loans worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB, the Mint report said citing loan documents.

Jet Airways will use the credit facility for its working capital needs, a person directly aware of the airline’s plans told Mint, adding that the money will be first used to pay off dues to lessors and salaries to employees.

Sources also told CNBC-TV18 that Etihad Airways board will meet today to discuss Jet Airways' revival plan and to consider fund infusion under the bank-led provisional resolution plan.

First Published:Mar 11, 2019 10:20 AM IST