Tata Sons is all set to hike its stake in AirAsia India to 49 per cent by acquiring additional shares from Telestra, which will soon exit the no-frills airline. Telestra Tradeplace holds almost 10 per cent stake of the low cost airline. While Tata would buy 7.94 per cent shareholding, the remaining stake would be purchased by the carrier's directors; S Ramadorai and R Venkataramanan, in their individual capacity. Chairman, Ramadorai would acquire 0.5 per cent and Venkataramanan, 1.5 per cent.
In a statement, Tata Sons said it would raise its stake in the airline to 49 per cent from 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.” The deal is expected to be completed next month, subject to relevant corporate approvals and processes, the release said. An agreement, in this regard, was signed on March 14, by Tata Sons with Air Asia (India) Ltd, Telestra Tradeplace Pvt Ltd, Ramadorai and Venkataramanan. Malaysia’s AirAsia Berhad would continue to hold 49 per cent stake in the airline.
The development comes after Arun Bhatia expressed dissatisfaction over the state of affairs at the budget carrier. Also, there were concerns in certain quarters about control and ownership at the airline.
