TVS Motor Company Ltd ("TVS Motor") had obtained the approval of the shareholders through postal ballot on 6th September 2022 to dispose of the entire shareholding held through Sundaram Auto Components Limited (SACL), a wholly-owned subsidiary of the Company, in a material step-down subsidiary viz., Sundaram Holding USA Inc., USA (SHUI), to Sundaram-Clayton Limited (SCL), the holding company.
Consequently, SACL has on today i.e., 22nd September 2022 sold its entire stake of 50.05% in SHUI to SCL.
Subsequent to the above, SHUI has ceased as a subsidiary of SACL and also of the Company and consequently SHUI's subsidiaries in USA viz., Green Hills Land holding LLC, Component Equipment Leasing LLC, Sundaram-Clayton USA LLC and Premier Land Holding LLC have also ceased as subsidiaries of the Company.
Rs. 317.01 Cr was received as consideration by SACL.