March 28, 2016 | 154 words | Read in less than a minute
Tata Sons proposes to increase its stake in the company to 49 percent from its existing stake of 41.06 percent
Mumbai: Tata Sons has entered into an agreement with Air Asia India (the company), 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 to 49 percent from its existing stake of 41.06 percent, by acquiring 7.94 percent equity stake from Telestra. Mr Ramadorai and Mr Venkataramanan, in their individual capacity, propose to acquire 0.5 percent and 1.5 percent shareholding respectively of Telestra’s remaining 2 percent equity stake in the company. AirAsia Investment will continue to hold its 49 percent 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.