TVS Motor Company Limited (TVSM) informed the exchanges Tuesday that the company is investing USD 1 million through its subsidiary, TVS Motor Singapore Pte Ltd, in Altizon Inc, USA. As per this investment, 212,220 Series A Preferred stock will be issued by Altizon Inc. to TVS Motor Singapore.
The company stock hit a new 52-week high of Rs632.60 per piece during intraday trade on Wednesday so far. At around 11.00 am, TVS Motor Company Ltd was trading at Rs630.70 per piece up Rs9.65 or 1.55% on the BSE.
“Altizon’s technology portfolio has definitive value in driving Digital transformation with Industrial IOT, and TVSM is already a shareholder in Altizon. By this investment, TVSM will further strengthen its partnership with Altizon in continuing their journey of growth and market leadership,” company said.
It further said, Altizon, an Industrial IoT company, empowers Industrial Digital Revolutions globally by helping enterprises use machine data to drive business decisions. Altizon enables digital transformation in enterprises by accelerating Smart Manufacturing initiatives, modernizing Asset Performance Management, and pioneering new Business Models for service delivery.
Altizon is a leading Industrial IOT platform provider recognized by Gartner in its Magic Quadrant for IIoT Platforms. Altizon has a presence in Pune, India and Scotts Valley, California, USA, it added.
“This is a related party transaction, as TVSM subsidiary, TVS Motor Singapore is already a shareholder in Altizon Inc. The acquisition is being done at ‘arm’s length’,” TVSM informed.