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What made Naresh Goyal pledge all his Jet Airways shares?

Naresh Goyal, the main promoter and chairman of Jet Airways has pledged his total 51 percent stake in the airline to Punjab National Bank (PNB).

The decision has led to a lot of speculations as to why he did it as well as it has put a question mark on the future of the airline.

The entire 51 percent stake is valued at more than 2,600 crore.

Jet Airways, in a regulatory filing, stated that the chairman has pledged his total 57,933,665 shares in the carrier, effective January 8 to Punjab National Bank with a "non-disposal undertaking".

The report further stated that the carrier is burdened with a debt of Rs. 9,794 crore, till the month of September 2014. This is 7 percent less as compared to the debt of Rs. 10, 576 crore as of March, 2014.

UAE-based Etihad has a 24 per cent shareholding in Jet Airways as a strategic partner which it acquired in the past year, and rest of the shares are owned by retail as well as institutional investors.

The airline, whose share price rose to Rs 464.25 apiece today, an increase of more than 5 per cent, has a market value of Rs 5,274 crore.

The full service carrier based out of Mumbai consists of 113 planes in its fleet, out of which 26 are owned by the airline and the remaining 87 planes are leased.