TVS Tyres participating in subsidiary rights issue

TVS Srichakra Limited (TVS Tyres) has disclosed its intention to participate in the rights issue offered by its wholly owned subsidiary, TVS Srichakra Investments Limited (TVSSIL). In a notification sent to the BSE today, the Indian tyre maker said it would participate to the extent of its entitlement, which is 409,780 shares for a consideration of Rs 59.9 million (£663,700).

Simultaneously, TVSSIL will participate in the rights issue offered by its wholly owned subsidiary TVS Sensing Solutions Pvt. Limited (formerly ZF Electronics TVS India Pvt. Ltd) to the extent of its entitlement, 582,524 shares for a consideration of Rs 59.9 million.