NEW DELHI (Reuters) – The State Bank of India (SBI)-led consortium of lenders is waiting for the Securities and Exchange Board of India (SEBI) to decide on a bailout offer by Etihad Airways for the financially stressed Jet Airways, SBI Chairman Rajnish Kumar said, the Business Standard reported on Saturday.

The UAE-based carrier, which is a major shareholder in Jet, is seeking an exemption from SEBI on preference pricing and open offer guidelines to increase its stake in the cash-strapped carrier.

“We are nobody to reject anybody’s resolution plan. We are saying that there is a regulation governed by SEBI. What we have to see is that what SEBI says,” Kumar was quoted by the newspaper as saying.

Etihad, which holds a 24 percent stake in India’s second-largest airline, has made an offer to invest only at rupees 150 per share, which is 53 percent of Jet’s closing price of rupees 281.35 on Friday.