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Monday, March 28, 2016

Tata Sons to raise stake in AirAsia India

Tata Sons will increase its stake in AirAsia India from 41.06 %  to 49 % by acquiring 7.94 % equity stake from Telestra. 

The company has entered into an agreement with AirAsia India Ltd, Telestra Tradeplace (Telestra), and two of the directors of the company, being S Ramadorai, Chairman and R. Venkataramanan, under which Tata Sons proposes to increase its stake in the company. 

S Ramadorai and R Venkataramanan, in their individual capacity, propose to acquire 0.5 % and 1.5 % shareholding, respectively of Telestra’s remaining 2 % equity stake in the company.

AirAsia Investment will continue to hold its 49 % stake in the company.

The agreement was entered into on March 14, 2016, and the transaction is proposed to be completed in April 2016, subject to completion of the relevant corporate approvals and processes.

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