TVS Srichakra selling its share in TVS Europe Distribution Ltd

At its meeting on 6 February, the TVS Srichakra Ltd Board of Directors approved the sale of the company’s entire shareholding in TVS Europe Distribution Limited; the tyre maker will sell all 332,500 shares to fellow TVS Group company TVS Automobile Solutions Limited.

TVS Europe Distribution Limited is a SPV (special purpose vehicle) set up in the UK in November 2011 and used to purchase a 90 per cent share in truck and trailer parts company Universal Components UK Ltd the following year.

The TVS Srichakra board also approved the company’s proposal to purchase/acquire 1,589,699 compulsory convertible preference shares (CCPS) in TVS Automobile Solutions Limited for Rs 400 million (£4.1 million).