Malaysia’s AirAsia Berhad, which sold a big chunk of its stake in AirAsia India Ltd (AAIL) to Tata Sons late last year, has valued its remaining 16% stake at $18.8 million.
In a stock exchange filing, AirAsia Berhad said it has classified its remaining stake in AAIL from “investment in associates” to “investment securities”, and “re-measured its stake to a fair value of $18.8 million”. “On 29 December 2020, the group announced that its wholly-owned subsidiary AAIL executed a share purchase agreement (SPA) with Tata Sons Pvt. Ltd to sell 32.7% of AirAsia (India) Ltd, comprising 490 million ordinary shares of ₹10 each, for a consideration of $37.7 million (or approximately RM152.9 million), which resulted in a gain on disposal of RM152.9 million,” it said.
“The SPA also provides for an option for the sale of AAIL’s remaining 16.3% stake in the venture. The total consideration in respect of the option is $18.8 million (or approximately RM76.5 million),” it added.
Tata Sons, which owns 83.67% stake in AirAsia India, has the option to buy out AirAsia Bhd’s remaining 16.33% stake after the closure of the deal. The Tata group is the front-runner in the disinvestment of Air India Ltd.
Mint had reported on 30 April that Tata Sons quoted a higher price than SpiceJet promoter Ajay Singh for Air India in preliminary bidding round.
