22nd September, 2022 | |
BSE Limited, | National Stock Exchange of India Ltd., |
Phiroze Jeejeebhoy Towers, | Exchange Plaza, 5th Floor, |
Dalal Street, | Bandra-Kurla Complex, |
Mumbai 400 001. | Bandra (E), Mumbai 400 051. |
Scrip code: 532343 | Scrip code: TVSMOTOR |
Dear Sir/Madam,
Sub: Compliance under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
We wish to inform you that 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.
In this regard, we furnish herewith the disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (Annexure).
Kindly acknowledge receipt.
Thanking You,
Yours truly,
For TVS MOTOR COMPANY LIMITED
KELLIYA SUBRAMANIAN SRINIVASAN
Digitally signed by KELLIYA SUBRAMANIAN SRINIVASAN Date: 2022.09.22 20:02:41 +05'30'
K S Srinivasan
Company Secretary
Encl: As above
Website : www.tvsmotor.com Email : contactus@tvsmotor.com CIN : L35921TN1992PLC022845
ANNEXURE
S No | Particulars | Details | ||||||||||||
1. | The amount | and percentage of | the | |||||||||||
Amount | ||||||||||||||
turnover | or | revenue | or | income | and | contributed | Consolidated | % against | ||||||
Particulars | by SHUI | amount | ||||||||||||
net worth contributed by such unit or | consolidation | |||||||||||||
(Subsidiary) | (Rs. in Cr) | |||||||||||||
division of the listed entity during the | ||||||||||||||
(Rs. in Cr) | ||||||||||||||
last financial year | ||||||||||||||
Revenue | 52.79 | 24,388.18 | 0.22 | |||||||||||
Profit After | (83.04) | 730.88 | - | |||||||||||
Tax | ||||||||||||||
Net Worth | 599.68 | 4,324.92 | 13.87 | |||||||||||
2. | Date on which the agreement for sale | The Board of Directors of SCL and SACL have | ||||||||||||
has been entered into | approved the transaction at their meeting held | |||||||||||||
on 29th | July 2022 and 21st | July 2022, | ||||||||||||
respectively. | ||||||||||||||
3. | The expected date of completion of | 22nd September 2022 | ||||||||||||
sale/disposal | ||||||||||||||
4. | Consideration | received | from | such | Rs. 317.01 Cr was received as consideration by | |||||||||
sale/disposal | SACL | |||||||||||||
5. | Brief details of buyers and whether | SCL, a public Listed Company and the holding | ||||||||||||
any of the buyers belong to the | company / Promoter, is the buyer. | |||||||||||||
promoter/ | promoter | group/group | ||||||||||||
companies. If yes, details thereof | ||||||||||||||
6. | Whether the transaction would fall | Yes, the transaction between SCL and SACL will | ||||||||||||
within related party transactions? | qualify as a related party transaction. | |||||||||||||
If yes, whether the same is done at | The transfer of shares of SHUI was done at | |||||||||||||
"arms- length" | "arms - length" based on a valuation report | |||||||||||||
obtained from a Registered Valuer. | ||||||||||||||
7. | Additionally, in case of a slump sale, | Not Applicable | ||||||||||||
indicative | disclosures | provided | for | |||||||||||
amalgamation/ | merger, | shall | be | |||||||||||
disclosed by the listed entity with | ||||||||||||||
respect to such slump sale | ||||||||||||||
oOo |
Website : www.tvsmotor.com Email : contactus@tvsmotor.com CIN : L35921TN1992PLC022845
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TVS Motor Company Limited published this content on 22 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2022 15:09:10 UTC.