TVS Motor Acquires Additional Rs 283-Crore Stake In TVS Credit

TVS Motor Co. has subscribed to additional stake in TVS Credit Services Ltd. The two-wheeler maker bought 68.9 lakh additional equity shares of face value Rs 10 apiece, for a total consideration of Rs 282.67 crore.

The shares were bought for Rs 410 per share. TVS Motor's shareholding in TVS Credit has increased from 80.53% to 80.69%, according to an exchange filing on Friday.

"The additional investment is made towards improving the capital adequacy ratio and meeting such other general corporate matters as may be required by TVSCS," the filing said.

Shares of TVS Motor ended 0.68% higher at Rs 2,360 per share, as compared with a 0.14% decline in the NSE Nifty 50 on Friday.