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    TVS Motor gets shareholders' nod for sale of entire stake in Sundaram Holding

    TVS Motor gets shareholders' nod for sale of entire stake in Sundaram Holding

    TVS Motor gets shareholders' nod for sale of entire stake in Sundaram Holding
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    By Jomy Jos Pullokaran   IST (Published)

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    Shares of TVS Motor Company ended at Rs 1,071.40, up by Rs 3.65, or 0.34 percent on the BSE.

    TVS Motor Company, a leading manufacturer of two and three-wheelers, on Thursday said it has received the approval of the shareholders for the sale of the entire 50.05 percent stake in Sundaram Holding USA Inc, USA (SHUI) to Sundaram-Clayton Ltd (SCL).
    The company in an exchange filing said it has received Rs 317.01 crore from the sale that happened on September 22, 2022.
    TVS Motor Company held shares of Sundaram Holding USA Inc through Sundaram Auto Components Ltd (SACL), a wholly-owned subsidiary of the company.
    "Subsequent to the above, SHUI has ceased as a subsidiary of SACL and also of the company and consequently SHUI’s subsidiaries in the USA viz., Green Hills Land holding LLC, Component Equipment Leasing LLC, Sundaram-Clayton USA LLC, and Premier Land Holding LLC have also ceased as subsidiaries of the company," it said.
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