CEAT has entered into a fourth addendum agreement to the existing share subscription and shareholders' agreement with Tyresnmore Online (TOPL) and other parties for investing up to Rs 1.4 crore to acquire an additional 1.83 per cent of the post-issue share capital of TOPL. Upon completion of the investment, the total holding of the company in Tyresnmore on a fully diluted basis would be 46 per cent.
The proposed investment of Rs 1.4 crore is scheduled to be made in the third quarter of FY22 through cash consideration by way of subscribing to 7,522 compulsorily convertible preference shares (CCPS) having a face value of Re 1 each.
CEAT is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.
