TVS Mobility plans Rs 2,000 crore fundraising

8 Nov 2024 , 11:46 AM

According to news reports, TVS Mobility, the family business of TS Rajam and his successors, has approached banks and credit funds to obtain Rs 2,000 crore for debt repayment and capital expenditures by the companies under its control.

According to reports, Standard Chartered Bank is spearheading the fundraising effort, which will also involve credit investors who may join the lending pool. The group’s founder, TV Sundaram Iyengar, had eight descendants, including TS Rajam.

Among his successors are Shobhana Ramachandran, managing director of TVS Srichakra; R Haresh, director of TVS Mobility group; and R Dinesh, executive chairperson of TVS Supply Chain Solutions.

According to the reports, in September of last year, the family office secured short-term loans from corporate treasuries, mutual funds, and non-bank lending organisations to settle debts owed to Kotak Special Situations Fund, from which it had borrowed approximately `1,000 crore in 2021.

The group units’ capital expenditures and short-term loan repayments will be covered by the new fundraising.

“The TVS Mobility group is still looking into financing options to help its group companies grow.” We are unable to disclose specifics about the fund amount at this time,” a TVS Mobility representative stated to ET. Additionally, we would want to make it clear that TVS Supply Chain Solutions (TVS) has nothing to do with this effort.

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