Corporate News     10-Jun-23
Board of TVS Motor approves PI's acquisition of 9.72% stake in TVS Credit
At meeting held on 09 June 2023
The Board of TVS Motor Company at its meeting held on 09 June 2023 has accorded its approval for execution of a share subscription agreement to be executed by and amongst the Company, TVS Credit and PI Opportunities Fund-I Scheme-II (PI); and a shareholders' agreement to be executed by and amongst the Company, the Investor and TVS Credit; in connection with an aggregate investment of Rs 480 crore by PI in TVS Credit Services (TVS Credit), a material subsidiary of the Company.

The Company is also informed that the Board of Directors of TVS Credit, at their meeting held on 9 June 2023, have approved execution of certain share purchase agreements entered into between PI, TVS Credit and certain existing shareholders of TVS Credit, whereby PI shall acquire certain additional equity shares of TVS Credit for an aggregate consideration of Rs 257.01 crore.

Upon completion of the proposed primary and secondary investments, PI will hold approximately 9.72% of the paid-up share capital of TVS Credit, on a fully diluted basis.

Completion of the Proposed Transaction is subject to completion of applicable conditions precedent, including applicable regulatory approvals as set out in the definitive agreements.

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