TVS Srichakra board okays sale of shares

The board of TVS Group firm TVS Srichakra has given nod for selling its entire shareholding in TVS Europe Distribution Ltd to TVS Automobile Solutions Ltd. 

"The company proposes to sell its entire shareholding of 33,25,000 shares held in TVS Europe Distribution Limited, a subsidiary of TSL, in favour of TVS Automobile Solutions Limited," the city-based company said in a statement. 

The firm also proposes to purchase 15,89,699 Compulsory Convertible Preference Shares (CCPS) in TVS Automobile Solutions Ltd, amounting to Rs 40 crore. 

"The Board of Directors of the company at their meeting held on February 6, 2016, had approved the sale of equity shares in TVS EDL and purchase of CCPS in TVS ASL," it added.