TVS Motor Company Limited has been allotted further 68.94 lakh equity shares of Rs. 410 each in TVS Credit Services Limited. The total cost of investment is Rs. 282.67 Crores. This event occurrence on Thursday, June 28. The company informs the exchange about acquisition on Thursday, June 28.
Pursuant to the aforementioned subscription, the shareholding of the Company in TVS Credit Services Limited has increased from 80.53% to 80.69% on fully diluted basis, by way of newly issue equity shares of TVS Credit Services Limited, which is a subsidiary company.
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About TVS Credit Services Limited
Incorporated in 2008, TVSCS is registered with the Reserve Bank of India (“RBI”) as a “non-deposit taking Non-Banking Finance Company”. TVSCS is a subsidiary company of TVS Motors, it belongs to ‘Non-banking financial services’ Sector. The company is engaged in financing two wheelers, tractors (new/used), used cars, consumer durables, used commercial vehicles and MSME loans through attractive financing schemes.
The company has shown significant financial growth with turnover of Rs.5789.27 crores in FY24, Rs.4147 crores in FY23 and Rs.2746.45 crores in FY22. The company has Profit after tax of Rs.571.83 crores and a networth of Rs.3,865.48 crores
