TVS Motors hits new 52-week high on acquiring stake in Swiss e-bike firm

12 Jun 2023 , 01:41 PM

TVS Motor Company’s shares hit a new 52-week in today’s trade as its subsidiary picked up a 25% stake in Swiss E-Mobility (Holding) AG, also known as SEMG.

At around 1.34 PM, TVS Motors was trading 0.64% higher at Rs 1,344.60 apiece, against the previous close of Rs 1,336 on NSE. The counter hit a new 52-week high of Rs 1,384.80.

SEMG, a subsidiary of TVS Motor (Singapore) Pte Ltd, operates as an electric bike platform that caters to both B2B and B2C sectors by selling its own branded e-bikes.

According to a filing made by TVS Motor on June 10, once the acquisition of 25% shares from current minority shareholders is completed, SEMG will transition into a fully-owned subsidiary of TVS Motor (Singapore) Pte Ltd.

In 2022, TVS Motor purchased a majority stake of 75% in the e-mobility company through its Singapore-based subsidiary, as a strategic move to enter and establish its footprint in the electric mobility sector.

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