TVS Motor Company to divest 100% stake in Intellicar

TVS Motor Company Ltd ('TVS Motor') signed a share purchase agreement on 16th May 2022 with M/s. Karan Makhija, Shunmuga Krishnan, Sidharth Middela, Fabric IOT Private Limited ("Fabric IOT') and Intellicar Telematics Private Limited ("Intellicar'), a wholly owned subsidiary of TVS Motor, to divest the entire shareholding (100%) of TVS Motor in Intellicar to Fabric IOT as per the terms of the agreement. Post the transaction, Intellicar and its wholly-owned subsidiary, Intellicar Singapore Pte. Ltd., will cease to be subsidiaries of TVS Motor.

Mr Rajesh Narasimhan, Director and CEO of TVS Digital Pte Ltd, subsidiary of TVS Motor shared that "This divestment is part of the ongoing value creation initiatives related to our digital portfolio. Working together with the Founders of each startup, we are laser focused on supporting them to execute on their Value Creation Plan (VCP) and then unlocking the value created at the most appropriate time. I am pleased to confirm that, every startup in our digital investment portfolio is tracking to plan with their VCP and we should see the desired targeted results in the near future".

Shares of TVS Motor Company Limited was last trading in BSE at Rs. 676.30 as compared to the previous close of Rs. 653.35. The total number of shares traded during the day was 260876 in over 2501 trades.

The stock hit an intraday high of Rs. 682.00 and intraday low of 654.00. The net turnover during the day was Rs. 173766887.00.

Source : Equity Bulls

Keywords

TVSMotorCompany INE494B01023 StakeSale Intellicar FabricIOT