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TVS firm Wheels India to raise equity

Almost 60% of Wheels India's revenue comes from wheels for commercial vehicles, passenger cars

TVS Group company Wheels India Ltd, which manufactures steel wheels, said it is looking at raising equity to meet the market regulator Securities and Exchange Board of India (Sebi's) public shareholding norm. Srivats Ram, managing director, Wheels India, said,  “the company has time till end of the financial year to meet the Sebi 25 per cent public shareholding norm. We are confident of meeting the Sebi deadline”. After announcing the company's results, he said drop in commercial vehicle sales and also construction and mining equipment had hit the ...