Tata Sons increases stake in Air Asia India

Tata Sons has entered into an agreement with Air Asia (India), Telestra Tradeplace 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 to 49 per cent from its existing stake of 41.06 per cent, by acquiring 7.94 per cent equity stake from Telestra. S. Ramadorai and R. Venkataramanan, in their individual capacity, propose to acquire 0.5 per cent and 1.5 per cent shareholding respectively of Telestra’s remaining 2 per cent equity stake in the Company. AirAsia Investment Ltd. will continue to hold its 49 per cent 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.