The creditors of Jet Airways (JAI, Mumbai International) have come up with a new funding plan which would see both the existing shareholders and new investors injecting fresh capital, the Economic Times has reported.

The plan assumes that two new investors would inject INR17 billion rupees (USD246 million) and INR21 billion rupees (USD303 million), respectively. While the names of the investors remain confidential, one of them is believed to be the government-backed National Investment and Infrastructure Fund (NIIF).

The consortium of creditors led by State Bank of India would then inject an additional INR8.5 billion rupees (USD123 million), while other public shareholders of the airline would chip in an extra INR4.85 billion rupees (USD70 million). The recapitalisation would happen through a new share issuance at INR150 rupees (USD2.2) per share. As of the end of business on April 1, the airline was trading at over INR265 rupees per share at the Bombay Stock Exchange.

The entire plan would thus bring INR51.35 billion rupees (USD742 million) in fresh capital for the debt-ridden airline.

Adjusting for the new shares issued, the two new investors would own 24.6% and 19.9% stakes. Banks, which currently control a 50.1% stake, would dilute their holding to 29.9%.

The existing stakes held by founder and ex-Chairman Naresh Goyal and Etihad Airways - 25.5% and 12% - would be placed in a new trust administered by the creditors and eventually sold to a new investor. The trust would hold a 14.9% stake in the carrier after the adjustment for new shares.

Goyal already announced he will step down from the airline and vacated all functions after coming under intense pressure from the creditors. Etihad Airways, after some back and forth on the issue, ultimately also decided, on March 31, to fully divest from Jet Airways.

The plan also assumes that Indian creditors will write off INR26 billion rupees (USD375 million) in debt, while foreign lenders will take a haircut of INR11.7 billion rupees (USD169 million).

The new plan is markedly more complicated than the previous one, which assumed a straightforward sale of the bank's interim 50.1% stake to a new investor. The creditors plan to open the bidding period for the stake on April 9.

Meanwhile, pending the finalisation of the rescue plan, Jet Airways' pilots have delayed their decision to stop working due to overdue wages until at least April 15.