Sundaram Clayton Limited (SCL), a Chennai-based TVS Group company, sold 5.14 per cent stake or 2.44 crore shares in TVS Motor. The motorcycle company in its filing stated that the sale took place in the open market.
The sale took place on June 7, 2021. After the sale, Sundaram Clayton holds 52.26 per cent or 24.82 crore shares in TVS Motor.
Before the stake sale, SCL held 57.40 per cent in the company. This offloading of stake is considering as part of the group company’s plan to restructure the group.
Meanwhile, TVS Motor Company on Monday launched two new products in Iraq as part of its expansion plan in that country.The company, which opened a new showroom with sales, service and spares support in Baghdad, said it will launch its commuter motorcycle TVS StaR HLX 150 5 Gear and three-wheeler TVS King Deluxe Plus in that market.
Today, shares of SCL closed at Rs 3,878.35 per share, up by 284.05 points or 7.90 per cent. In the case of TVS Motor, the share of the company closed at Rs 648.65 a piece, up by 25.25 points or 4.05 per cent.