TVS Motor Company now holds 85.28% direct stake in TVS Credit Services
TVS Motor Company announced that pursuant to a Scheme of Arrangement approved by the National Company Law Tribunal, TVS Motor Services, a wholly owned subsidiary of the company has transferred its holding of 13,36,51,475 equity shares of Rs. 10/ each in its subsidiary viz., TVS Credit Services (TVS CS) to the Company in lieu of redemption of 61,30,10,000 Non-Cumulative Redeemable Preference Shares of Rs. 10/~ each.Post transfer of equity shares of TVS CS, the Company now holds 85.28% (increased from 10.29%) directly in TVS CS, which was earlier held through TVS MS, the wholly owned subsidiary of the Company.
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