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TVS Motor Company Ltd was up 6 per cent at Rs 662.85 on the National Stock Exchange in intra-day trade on Monday after more than a five per cent stake of the two-wheeler (2-Ws) company changed hands via a block deal. The stock was trading close to its 52-week high level of Rs 666 touched on May 27, 2021.
Around 24.4 million shares, representing 5.13 per cent of the total equity of TVS Motor Company, worth Rs 1,506 crore changed hands via block deal on the NSE, the exchange data shows. The block deal was executed at a price of Rs 617.25 per share, data shows.
However, the names of the buyers and sellers were not ascertained immediately. TVS Motor was trading 5 per cent higher at Rs 654 on the NSE, as compared to a 0.24 per cent rise in the Nifty50 index.
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TVS Motor promoter Sundaram Clayton holds a 57.40 per cent stake in the company. TVS is the only player in India with a presence in all forms of 2Ws – Scooter, Motorcycle, Mopeds and EV. The company has successfully established brands like Apache, Jupiter, Ntorq etc which have helped it to gain market share in the last five years.
In December 2020, the board of directors of the $8.5 billion TVS Group’s holding companies had approved the so-called memorandum of family arrangement (MFA) between various members of the TVS family. Present shareholders of the holding companies primarily consist of third and fourth generation family members of TVS Group founder T V Sundaram Iyengar.
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