The Air Deccan Board has approved stake sale to UB Holdings, reports CNBC-TV18. UB Holdings will get 26% stake in Air Deccan at Rs 550 crore.
Ravi Nedungadi, President & CFO of UB Group confirmed the development in an exclusive interview to CNBC-TV18. The group will buy 26% stake of Deccan Aviation at Rs 155/share, thereby pipping ADAG's Rs 135/share offer.
Out of the Rs 550 crore, Rs 150 crore will be paid immediately; the rest will follow later. UB Holdings is expected to make subsequent open offer to the Air Deccan shareholders, about which the stock exchanges have already been informed.
On the management side, Captain Gopinath would continue as Chairman of Deccan Aviation.
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