TVS Motor Raises Stake in TVS Credit Services to Over 85%

MT Newswires Live

Jul 28

TVS Motor (NSE:TVSMOTOR, BOM:532343) has acquired 11.34 million equity shares, or a 4.39% stake, in subsidiary TVS Credit Services from Lucas-TVS for 7.11 billion Indian rupees.

The acquisition increases TVS Motor's holding in TVS Credit Services to 85.15% from 80.76% on a fully diluted basis, according to an Indian bourse filing on Monday.

The company said the transaction is intended to consolidate its stake in the subsidiary, streamline ownership and improve operational efficiencies.

Shares of the company rose nearly 2% in recent trade.

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