Tata Sons increases stake in Air Asia India
March 28 2016, 15.07 PM IST || Pocket News Alert
March 28, 2016: Tata Sons Limited (“Tata Sons”) has entered into an agreement with Air Asia (India) Limited ("Company"), Telestra Tradeplace Pvt. Ltd. (“Telestra”) and two of the directors of the Company, being Mr. S. Ramadorai (Chairman) and Mr. R. Venkataramanan, under which Tata Sons proposes to increase its stake in the Company to 49% from its existing stake of 41.06%, by acquiring 7.94% equity stake from Telestra. Mr. S. Ramadorai and Mr. 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 Ltd. 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.
March 28 2016, 15.07 PM IST || Pocket News Alert
March 28, 2016: Tata Sons Limited (“Tata Sons”) has entered into an agreement with Air Asia (India) Limited ("Company"), Telestra Tradeplace Pvt. Ltd. (“Telestra”) and two of the directors of the Company, being Mr. S. Ramadorai (Chairman) and Mr. R. Venkataramanan, under which Tata Sons proposes to increase its stake in the Company to 49% from its existing stake of 41.06%, by acquiring 7.94% equity stake from Telestra. Mr. S. Ramadorai and Mr. 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 Ltd. 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.
