 "Tyre manufacturer Ceat raises stake in Tyresnmore Online to 46%")
Tyre manufacturer Ceat Ltd on Friday said it is increasing its stake in Tyresnmore Online, a digital platform for purchasing tyres and fitting services, to 46 per cent with a further investment of Rs 1.4 crore.
The company has entered into a fourth addendum agreement to the existing share subscription and shareholders' agreement with Tyresnmore Online Pvt Ltd (Tyresnmore) and other parties for investing up to Rs 1.4 crore to acquire an additional 1.83 per cent of the post-issue share capital of TOPL, Ceat Ltd said in a regulatory filing.
"Upon completion of the investment, the total holding of Ceat Ltd in Tyresnmore on a fully diluted basis would be 46 per cent," the company added.
The proposed investment of Rs 1.4 crore is scheduled to be made in the third quarter of FY22 through cash consideration by way of subscribing to 7,522 compulsorily convertible preference shares (CCPS) having a face value of Re 1 each, it added.
Tyresnmore had a turnover of Rs 6.42 crore in 2020-21 and in 2019-20 it was at Rs 11.35 crore, the filing said.
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