AirAsia Berhad sells 32.67% stake in Indian JV to Tata Sons for $37.6 million

NEW DELHI: Malaysian carrier AirAsia Berhad on Tuesday said it has sold its 32.67% stake in AirAsia India to Tata Sons for $37.66 million ( ₹276.10 crore), bringing down its shareholding in the airline to about 16.33%.

“The Board of Directors of AirAsia (“Directors”), wishes to announce that its wholly owned subsidiary, AAIL (AirAsia (India Limited), has on 29 December 2020 executed a Share Purchase Agreement (“SPA”) with Tata Sons Private Limited (“TSL”) to sell AAIL’s equity interest of 32.67% in AAI comprising 490,000,000 ordinary shares of INR 10 each, which is equivalent to 32.67% of the issued and outstanding shares of AAI, to TSL for a total consideration sum (“Purchase Consideration”) of USD37,660,000,” the airline said in a filing to Bursa Malaysia.

Prior to the transaction, AirAsia Berhad held a 49% stake in AirAsia India, while Tata Sons held 51%.