Tuesday, 29 Dec 2020 08:05 PM MYT
In a filing with Bursa Malaysia, it said AAIL today entered into a share purchase agreement (SPA) with the India-based TSL, which already owned 51 per cent interest in AAI. Reuters pic
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KUALA LUMPUR, Dec 29 AirAsia Group Bhd’s wholly-owned subsidiary, AirAsia Investment Ltd (AAIL), is disposing of its 32.67 per cent equity interest in AirAsia India Ltd (AAI) to Tata Sons Private Ltd (TSL) for US$37.66 million (RM152.58 million).
In a filing with Bursa Malaysia, it said AAIL today entered into a share purchase agreement (SPA) with the India-based TSL, which already owned 51 per cent interest in AAI.
KUALA LUMPUR (Dec 29): Budget airline AirAsia Group Bhd has decided to sell 32.67% of the 49% stake it holds in AirAsia (India) Ltd to Tata Group for US$37.66 million (approximately RM152.58 million).
AirAsia Group holds the 49% stake in AirAsia India via its 100%-owned AirAsia Investment Ltd (AAIL), while Tata holds the majority 51% stake through Tata Sons Private Ltd (TSL).
As part of the transaction, there will be a call option in respect of the remaining 16.33% stake, exercisable by Tata at any time after the transaction is completed.
There is also a put option exercisable by AAIL in two tranches, with the first tranche being exercisable from March 1, 2022 until May 30, 2022, and the second tranche being exercisable from Oct 1, 2022 to Dec 31, 2022.
, which was badly affected by the travel curbs due to the Covid-19 pandemic, has disposed of a 32.67% stake in its Indian operations.
In a statement to Bursa Malaysia, the low-cost carrier said on Tuesday its unit AirAsia Investment Ltd (AAIL) sold its stake in AirAsia (India) Ltd (AAI) to Tata Sons Private Ltd, India for US$37.66mil or RM152.58mil. This brings its shareholding in AAI to 16.33%.
AAG explained the investment in AAI, an associate company, had been accounted using the equity method under which the original cost of the investment is adjusted for our share of profit or loss in subsequent years.
Tata vs Mistry: Mistry side says AoA breached, no agenda for removal at board meeting
By IANS |
Published on
Wed, Dec 16 2020 21:12 IST |
6 Views
Cyrus Mistry. (File Photo: IANS). Image Source: IANS News
New Delhi, Dec 16 : Former Tata Sons Chairman Cyrus Mistry on Wednesday told the Supreme Court that 2016 board meeting had no agenda for his removal and Articles of Associations (AoA) were breached in his ouster.
As the legal battle in the Tata-Mistry case entered its sixth day, senior advocate Shyam Divan, representing Sterling Investment - a Shapoorji Pallonji Group firm, contended before a bench headed by Chief Justice S.A. Bobde that the Tata Sons Articles of Association of Tata Sons lay down the process of appointment of the Chairman, and should have been followed while in their removal.
Tata vs Mistry case: CJI Bobde says son represents Shapoorji s firm, lawyers say no objection
CJI Bobde s statement was specifically addressed to Senior Counsel Harish Salve and Dr AM Singhvi, who is appearing for Tata Sons
BusinessToday.In | December 15, 2020 | Updated 16:39 IST
On Tuesday, Tata vs Mistry case s hearing resumed in the apex court at 2 pm before a bench of CJI Bobde, and justices AS Bopanna and V Ramasubramanian
Chief Justice of India Sharad Arvind Bobde, who is heading the proceedings of the high-stake Tata-Mistry case revealed that his advocate son Shrinivas Bobde, has been representing a subsidiary company of Shapoorji Pallonji Group.