TVS amalgamates with T V Sundaram Iyengar -; Sons

12 Jan 2022 , 10:59 AM

The amalgamation is affected between TV Sundaram Iyengar & Sons Pvt Ltd. (TVSS), Sundaram Industries Private Limited (SIPL), Sothern Roadways Private Limited (SRPL), and TVS Holdings Private Limited. The amalgamation is under the Composite scheme of amalgamation and arrangement (demerger), where the target companies dissolved without winding up.

The Composite Scheme of Amalgamation was approved by NCLT on 06-December-2021 and was made effective from 06-January-2022.

TVSS will be able to exercise complete control over the Sundaram Clayton Limited (SCL), promoter of target company who presently holds 52.26% holding of the Target company, as per BSE filing.

As a result of this amalgamation, the shares of the SIPL and SRPL, including the promoter’s shares transferred to TVSS, it added.

TVS Electronics Ltd is currently trading at Rs190.75 up by Rs1.15 or 0.61% from its previous closing of Rs189.60 on the BSE. The scrip opened at Rs191.90 and has touched a high and low of Rs194.30 and Rs190.55 respectively.