TVS Srichakra has received board’s approval to sell its entire stake in TVS Europe Distribution to TVS Automobile Solutions. The company proposes to sell its entire shareholding of 33,25,000 shares held in TVS Europe Distribution, a subsidiary of TSL, in favour of TVS Automobile Solutions.
The firm also proposes to purchase 15,89,699 Compulsory Convertible Preference Shares (CCPS) in TVS Automobile Solutions, amounting to Rs 40 crore. The board had also approved the conversion of unsecured loan and further subscription to OCDs.
TVS Srichakra is a part of TVS Group. It is engaged in the manufacture and sale of two and three wheeler tyres and tubes having a turnover of more than $300 million.
