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TVS Motor Company shares closed flat at INR 2,388.15 on the BSE in the previous trading session.“>
TVS Motor Company stock is likely to grab attention in Tuesday’s trading session after the company announced the completion of its 39.11% stake acquisition in DriveX Mobility.
This brings TVS Motor’s total stake in DriveX to 87.38%, making DriveX a subsidiary of TVS Motor.
“With reference to the captioned subject, we would like to inform that the Company has, today, completed the acquisition of 7,914 (Seven Thousand Nine Hundred and Fourteen) equity shares of a face value of INR 10/- each, comprising 39.11% (Thirty-Nine point One One percent) of the issued, subscribed, and paid-up share capital of DriveX from its existing shareholder, as per the details mentioned in our earlier disclosure referred to above,” said the company in an exchange filing.
No other details of the transaction have been provided by the company.
DriveX Mobility, founded in April 2020 by India’s first Formula 1 driver, Narain Karthikeyan, and his childhood friend, Christopher Anand Sargunam, is a digital-first auto-tech platform specializing in the procurement, refurbishment, and retailing of pre-owned multi-brand two-wheelers across India.
The company operates through both company-owned (COCO) stores and franchisee-operated (FOFO) outlets, offering a comprehensive range of services, including the sale of spare parts, accessories, and engine oils for two-wheelers.
In August 2022, TVS Motor Company acquired a 48.27% stake in DriveX’s parent company, Nkars Mobility Millennial Solutions.
TVS shares have increased by 21.35% in the last year and by 18.3% on a year-to-date basis. However, the stock has decreased by 16% in the last 3 months and 1% in the last month, according to BSE analytics.
TVS Motor Company shares closed flat at INR 2,388.15 on the BSE in the previous trading session.
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TVS Motor Company completed the acquisition of a 39.11% stake in DriveX Mobility, increasing its total stake to 87.38%, making DriveX a subsidiary. DriveX, founded by Narain Karthikeyan, is a digital platform for pre-owned two-wheelers. TVS shares rose 21.35% over the past year but fell 16% in the last 3 months, closing at INR 2,388.15.
TVS Motor Company shares closed flat at INR 2,388.15 on the BSE in the previous trading session.“>
TVS Motor Company stock is likely to grab attention in Tuesday’s trading session after the company announced the completion of its 39.11% stake acquisition in DriveX Mobility.
This brings TVS Motor’s total stake in DriveX to 87.38%, making DriveX a subsidiary of TVS Motor.
“With reference to the captioned subject, we would like to inform that the Company has, today, completed the acquisition of 7,914 (Seven Thousand Nine Hundred and Fourteen) equity shares of a face value of INR 10/- each, comprising 39.11% (Thirty-Nine point One One percent) of the issued, subscribed, and paid-up share capital of DriveX from its existing shareholder, as per the details mentioned in our earlier disclosure referred to above,” said the company in an exchange filing.No other details of the transaction have been provided by the company.
DriveX Mobility, founded in April 2020 by India’s first Formula 1 driver, Narain Karthikeyan, and his childhood friend, Christopher Anand Sargunam, is a digital-first auto-tech platform specializing in the procurement, refurbishment, and retailing of pre-owned multi-brand two-wheelers across India.
The company operates through both company-owned (COCO) stores and franchisee-operated (FOFO) outlets, offering a comprehensive range of services, including the sale of spare parts, accessories, and engine oils for two-wheelers.
In August 2022, TVS Motor Company acquired a 48.27% stake in DriveX’s parent company, Nkars Mobility Millennial Solutions.
TVS shares have increased by 21.35% in the last year and by 18.3% on a year-to-date basis. However, the stock has decreased by 16% in the last 3 months and 1% in the last month, according to BSE analytics.TVS Motor Company shares closed flat at INR 2,388.15 on the BSE in the previous trading session.
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