Mumbai, Mar 24: Jet Airways has announced that it has reached an understanding with Sahara Airlines and its selling shareholders to extend the validity of the share purchase agreement (SPA) by 90 days.
The enterprise value of the transaction remains unchanged at around USD 500 million, Jet Airways India Ltd has informed the BSE.
The term of the Escrow arrangement has also been extended by 90 days.
The two parties have also agreed that the company will advance a sum of Rs 500 crore out of the agreed consideration to the shareholders of Sahara Airlines Ltd, against the pledge of cent per cent of the latter's shares.
If the agreement terminates, this advance will be repaid to the company. During the extended term, the two airlines will continue to operate as independent entities, the release added.