TVS Srichakra board approves sale of shares

The board of TVS Group firm TVS Srichakra has given nod for selling its entire shareholding in TVS Europe Distribution Ltd to TVS Automobile Solutions Ltd.
"The company proposes to sell its entire shareholding of 33,25,000 shares held in TVS Europe Distribution Limited, a subsidiary of TSL, in favour of TVS Automobile Solutions Limited," the city-based company said in a statement.
The firm also proposes to purchase 15,89,699 Compulsory Convertible Preference Shares (CCPS) in TVS Automobile Solutions Ltd, amounting to Rs 40 crore.
"The Board of Directors of the company at their meeting held on February 6, 2016, had approved the sale of equity shares in TVS EDL and purchase of CCPS in TVS ASL," it added.

In another statement, the company said TVS Srichakra Investments Ltd, a wholly-owned subsidiary, had offered to convert the unsecured loan amounting to Rs 34.59 crore, to unsecured Optionally Convertible Debentures (OCDs) and had further offered fresh issue of OCDs not exceeding Rs 10 crore, both having a tenure of 4 years 11 months.
The board had also approved the conversion of unsecured loan and further subscription to OCDs, it said.