Tata Sons to buy 32.67% stake of AirAsia Group in AirAsia India

New Delhi, Dec 29 : Tata Sons will enhance its shareholding in low-cost carrier — AirAsia India — by buying 32.67 per cent equity stake of its JV partner AirAsia Group Berhad.
The budget airline is a JV in which Tata Sons owns 51 per cent stake, while 49 per cent is held with AAIL.
After the transaction, Tata’s shareholding will go upto 83.67 per cent, while that of AAIL will come down to 16.33 per cent.
In a regulatory filing made to Bursa Malaysia, AirAsia Group Berhad said the transaction via a share purchase agreement with Tata Sons was agreed by AAIL’s Board.
“TSL shall purchase 490,000,000 shares, representing 32.67 per cent of the Share Capital in AAI, from AAIL for a consideration of USD37,660,000,” the filing said.
“The SPA may be terminated by TSL if the closing does not occur prior to the ‘Long Stop’ date of 31 March 2021, if mutually agreed in writing by all parties.”