TVS Motor Company’s holding company, Sundaram Clayton’s offer of 12, 64,501 new equity shares has been oversubscribed by 1.6 times after the company received applications for 20,14,665 equity shares. The company fixed the issue price of 12, 64,501 shares at Rs 297.50 per equity share, for raising Rs 37.62 crore.
The company intends to use the net proceeds of the issue towards prepayment and repayment of certain of the existing debt of the Company, meeting capital expenditure requirements and general corporate purposes.