TVS Srichakra to sell its shareholding in TVS Europe Distribution
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TVS Srichakra Limited (TSL) proposes to sell its entire shareholding in its subsidiary, TVS Europe Distribution Limited (EDL), in favour of TVS Automobile Solutions Limited, the company has informed exchanges.
The firm holds 33,25,000 shares held in TVS Europe Distribution and also proposes to purchase / acquire 15,89,699 compulsory convertible preference shares (CCPS) in TVS Automobile Solutions Limited (TVS ASL) amounting to Rs 40 crore.
The Board of Directors of the company, at their meeting held on February 6, 2016, had approved the sale of equity shares in TVS EDL and purchase of CCPS in TVS ASL, said the company in the announcement.
TVS Srichakra Limited also said that its wholly-owned subsidiary, TVS Srichakra Investments Limited (TSIL), had offered to convert the unsecured loan amounting to Rs 34.59 crore granted by TSL, to unsecured optionally convertible debentures (OCDs), and had further offered fresh issue of OCDs not exceeding Rs 10 crore both having a tenor of 4 years 11 months.
The board meet had also approved the conversion of unsecured loan and further subscription to OCDs.
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