Struggling Indian carrier Jet Airways has called an extraordinary general meeting for 21 February as it seeks approval for plans to increase its share capital.

The carrier has been working on a major restructuring and attempting to secure fresh capital after losses spiralled in 2018, and has been holding talks with its various stakeholders.

It has now set out plans for shareholders to vote on resolutions that would lift Jet's share capital from Rs2 billion ($28 million) to Rs22 billion, by creating 500 million new shares and 1.5 billion preference shares.

It is also seeking approval for lenders to be able to turn existing debts into shares or convertible instruments in the carrier.

Jet is also seeking approval to clear path to adjust its articles of association to enable lenders to nominate directors to its board.

Source: Cirium Dashboard