Tata Sons increases stake in AirAsia India to 49%

Tata Sons entered (28-Mar-2016) into an agreement with AirAsia India, 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 from its existing stake of 41.06% to to 49%, by acquiring 7.94% equity stake from Telestra. Mr Ramadorai and Mr 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% in the company. The agreement was entered into on 14-Mar-2016, and the transaction is proposed to be completed in Apr-2016, subject to completion of the relevant corporate approvals and processes. [more - original PR]