TVS Holdings Ltd. (TVSHL) on Tuesday announced the acquisition of a 100% stake in TVS Digital Ltd. from TVS Motor Co. Ltd., for a cash consideration of ₹4.14 Crore
Consequent to the acquisition of 100% of total holdings amounting to 30,50,000 equity shares, TVS Digital has become a wholly owned subsidiary of TVSHL.
The object of the investment is to consolidate all non-auto-related investments under the company. TVS Digital is in the business of information technology services, it said in a separate filing.
Separately, Emerald Haven Realty Ltd. (EHRL), a wholly owned subsidiary of TVSHL, said it has agreed to acquire additional 6.33% securities from ASK in Emerald Haven Town and Country Pvt. Ltd. (EHTCPL) for a consideration of ₹2.50 crore by September 30.
EHTCPL, which is into real estate development and construction, is a subsidiary of EHRL, the parent company said in a regulatory filing.
EHTCPL is a joint venture between EHRL and ASK. EHRL will purchase from ASK 22,85,061 Optionally Convertible Redeemable Preference Shares of ₹10 each and 19,46,265 equity shares of ₹10 each from ASK Real Estate Special Opp. Fund II.
As a result, the shareholding of EHRL in EHTCPL will increase from 93.67% to 100% (on fully diluted basis) and EHTCPL will become a wholly owned subsidiary of EHRL and TVSHL.
Published – September 17, 2024 07:48 pm IST
