Shares of TVS Motor Company on Monday gave up most of early gains and settled 2 per cent higher after the firm said it has acquired Britain's iconic bike manufacturer Norton Motorcycles.
The stock, which had advanced 7.16 per cent to Rs 323 during the day on the BSE, later trimmed most of the gains to close at Rs 307.45, up 2.01 per cent.
On the NSE, it went up 1.81 per cent to settle the day at Rs 306.40.
Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time.
The company has acquired Norton in an all-cash deal for a consideration of GBP 16 million (around Rs 153 crore) by acquiring certain assets of Norton Motorcycles (UK) through one of its overseas subsidiaries, TVS Motor Company said in a statement on Friday.
"This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world, and presents us with an immense opportunity to scale globally," TVS Motor Company Joint Managing Director Sudarshan Venu said in the statement.