At around 10.54 am, TVS Srichakra was trading at Rs1950 per piece up Rs172.70 or 9.72%. The stock so far has gained by nearly 12% by clocking an all-time high of Rs1989 per piece on Sensex.
Meantime, TVS Electronics was performing at Rs143.35 per piece up Rs17.95 or 14.31%. The stock has advanced by nearly 18% by also hitting a 52-week high of Rs147.90 per piece.
However, TVS Motor was trading at Rs494.40 per piece down by nearly 1% on Sensex. The was near its record high in early deals. The stock had touched an intraday high of Rs513.20 per piece which was close to the all-time high of Rs519 per piece. However, the stock has pared its early gains.
TVS Family on Thursday intimated the subsidiaries that they have agreed to subscribe to the terms of a memorandum of family arrangement in order to record the terms of the family arrangement so agreed upon. Senior nominated members of the TVS Family shall now deliberate on how best to further implement this arrangement.
Further, notably, the terms of the family arrangement do not envisage any royalty or brand usage payments from the operating businesses/companies to the TVS Family members/their holding companies.
TVS Group consists of businesses started by the original founder, T.V. Sundaram Iyengar and his lineal descendants constituting the TVS Family.
The family has engaged for more than a century, in a diverse range of businesses through various entities in which the branches of the TVS Family have invested in or through T V Sundram Iyengar & Sons Private Limited, Sundaram Industries Private Limited and Southern Roadways Private Limited (hereinafter collectively referred to as the "TVS Holding Companies'').
Noteworthy, over the decades, the TVS Family has expanded their businesses and the TVS Group has grown into a large business conglomerate with interests in several businesses operating in diversified fields including two-wheeler and automotive component manufacturing, automotive dealerships, distribution of automotive parts, financial services, logistics services, electronics, textiles and needles.
However, the current shareholders of the TVS Holding Companies primarily consist of the third and fourth generations of the original founder, T.V. Sundaram Iyengar. The various businesses/ entities of the TVS Group have been traditionally managed by members of the different branches of the TVS Family.
Thereby, with the passage of time, various members of the TVS Family felt that the ownership of shares in various companies/businesses should align and synchronize with the management of the respective companies, as is currently being done.