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AirAsia to sell 32.67% stakes in its Indian Operations to Tata Sons
AirAsia to sell 32.67% stakes in its Indian Operations to Tata Sons
Malaysian budget airline Air Asia Group Berhad on Tuesday announced its plans to sell 32.67 per cent of its equity shares in AirAsia (India) Limited (AAI) held by the Group’s wholly-owned subsidiary, AirAsia Investment Limited (AAIL).
Malaysian budget airline Air Asia Group Berhad on Tuesday announced its plans to sell 32.67 per cent of its equity shares in AirAsia (India) Limited (AAI) held by the Group's wholly-owned subsidiary, AirAsia Investment Limited (AAIL). It will offload its stakes in its Indian operations to Tata Sons for $37.7 million. This brings its shareholding in AAI to 16.33%.
The major aviation deal will increase Tata Sons total shares in AirAsia India to 83.67 per cent from 51 per cent.
The airline, which previously owned 49% of AirAsia India as part of a joint venture with Tata Sons, said the sale would allow the company to focus on its recovery in its key Southeast Asian markets amid the impact of the COVID-19 pandemic on travel.
In a regulatory filing at Bursa Malaysia is the stock exchange of Malaysia, Air Asia said, "The Board of Directors ("Directors") of AirAsia wishes to announce that its wholly-owned subsidiary, AAIL, and Tata Sons Private Limited, India ("TSL") had on 29 December 2020 entered into a Share Purchase Agreement ("SPA") to dispose of AAIL's equity interest of 32.67% in AAI ("Sale Shares") to TSL for a total consideration sum ("Purchase Consideration") of USD37,660,000 (or MYR 152.58 million)."
