Etihad - 24%
Indian individual/institutional investors - 25%
Goyal - 8%
Unknown off-shore investors/guarantors- 43% (Goyal as a proxy, 2013 swap)
For the sale to complete, the buyer has to pay 2013 prices for 43% of shares, I don't see why off-shore guarantors will take a haircut.
Even if the buyer can find funds to complete the sale, it will not fix the underlying problem of lack of working capital.
Several reasons 9W cannot be sold.
1) Indian Banks are not in a position to lend money. Asking for future plans/financial statements is just a cover story.
2) TATAs have no money, Indians seems to take offense with this statement, but it is valid.
3) Singapore has no money. SIA group is barely surviving.
4) Delta has money, but RBI ECB limit rules prohibit Delta from bringing in working capital from outside India.
5) QR is capable, but Qatar-UAE may not play ball to unwind the 43% mess, assuming UAE is the guarantor for the unknown part.
6) No one will pay 2013 markup in 2018 for 9W.
Please continue the fact-based discussion.
Not doubting Jet’s ownership structure is probably a mess and even shady. That said, the airline is desperate for a cash investment. So either the 43% people invest more, sell or watch their investment go belly up. I think investors realize that their investment in 2013 is not worth the same today.
On your other points, I won’t argue (since I have no real proof) except point 3 about Singapore is a joke.