TVS Holdings picks up 100% stake in arm TVS Digital

17 Sep 2024 , 02:36 PM

On Monday (September 16), TVS Holdings Ltd purchased a 100% share in TVS Digital Ltd (previously known as TVS Housing Ltd) for ₹4.14 Crore.

The deal involved purchasing shares from TVS Motor Company Ltd, a subsidiary of TVS Holdings, for ₹4.14 Crore. With this transaction, TVS Digital is now a completely owned subsidiary of TVS Holdings.

TVS Digital, located in Chennai, provides information technology services. In FY 2023-24, it had a turnover of ₹3.85 Crore and a profit after tax of ₹0.27 Crore.

This related party transaction was carried out at arm’s length and supported by a valuation report. The transaction is consistent with TVS Holdings’ objective to concentrate non-automotive investments in its portfolio.

TVS Holdings, formerly Sundaram Clayton Ltd SCL, is an auto component manufacturer headquartered in Chennai and a subsidiary of the TVS Group. It manufactures aluminium and magnesium castings for the automobile sector. SCL was the TVS Group’s main company until its subsidiary, TVS Motor Company, took over.

The company’s segments are automotive vehicles, automotive components, and parts, financial services, and others. It produces aluminium pressure die castings for big trucks, passenger cars, and two-wheelers.

At around 12.54 PM, TVS Holdings was trading 0.39% higher at ₹14,302.95 per piece, against the previous close of ₹14,247.50 on NSE. The counter touched an intraday high and low of ₹14,523.05, and ₹14,231.05, respectively.

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