It's going to be a quiet few days as the negotiations take place behind the scene, so it is a good time to evaluate the different options now. Fair warning: This post will be numbers heavy, so many not be suitable for everyone Etihad's offer
Willing to invest further at only Rs. 150 a share and increase share holding to 49%
At the same time bankers will convert Rs 2000 crore debt to equity. (There are some reports that Banks will write off this debt, but that's just Indian journalism.)
We do not know what price will banks make this conversion, but we can assume this will also be at the same price. It would be a scandal if it isn't so.
We also know that this conversion will fetch banks an equity holding of 40% in Jet.
Armed with this info, and some excel jugglery, we can arrive at the amount to be invested by Etihad: Rs 1500 crore
Issues with this option:
Rs 150 is too low a share price than what regulations require. There has been no precedence of this requirement being waived.
Etihad increasing its share price will trigger the takeover code which requires an open offer to be made to minority shareholders, but there is precedence of this requirement being waived, most famously in the case of Ajay Singh's take over of SpiceJet.
Most importantly, this buys about 2-3 years' time for Jet and we are back to square one.
Winners: Etihad, banks (sort of), lessors
Losers: Naresh Goyal, minority shareholders