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TVS Motor Company shares climbed as much as 3.54 per cent to hit fresh 52-week high of Rs 1,384.80 in trade on Monday, June 12 after it announced an acquisition of an additional 25 per cent stake in Swiss E-Mobility Group (SEMG) by its subsidiary TVS Motor Singapore.
‘We wish to inform that TVS Motor Company Limited’s subsidiary, TVS Motor (Singapore) Pte Ltd, has agreed to acquire an additional 25 per cent stake in Swiss E-Mobility Group (Holding) AG (‘SEMG’), Switzerland by way of purchase of shares from the existing shareholders,” said the Indian motorcycle manufacturer in an intimation,’ TVS Motor said in a stock exchange filing.
The company acquired additional 25 per cent stake in SMEG at 517.36 swiss francs per share.
“SEMG is currently a subsidiary of TVS Motor (Singapore) Pte Ltd and the Company and consequent to the additional acquisition, SEMG will become a wholly owned subsidiary of TVS Motor (Singapore) Pte Ltd and also the company,” the company added.
Earlier in January 2022, TVS Motor had acquired a 75 per cent stake in SEMG in an all-cash deal through TVS Motor’s Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd.
‘TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years. The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change,’ said Venu Srinivasan, Chairman, TVS Motor Company, announcing the acquisition in January 2022.
TVS also acquired the personal E-mobility business EGO Movement in 2021 and the British performance motorcycle brand Norton Motorcycles in 2020.
As of 12:06 pm, TVS Motor shares traded 0.2 per cent higher at Rs 1,339.95, in line with the Sensex which was up 0.3 per cent.
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