TVS Motor Company's board of director on Thursday approved the company to invest around Rs 18.50 crore in its wholly subsidiary company Sundaram Auto Components by way of rights issue. The company will subscribe to of 37,00,000 equity shares having face value of Rs 10 each, at a premium of Rs 40 per share.
Meanwhile R Ramakrishnan has been appointed as non-executive director of TVS Motor with effect from March 11, 2009, in the casual vacancy caused earlier by the resignation of Gopal Srinivasan, who resigned from the directorship on August 14, 2008.
Another director N Ganga Ram has also resigned as a director from the company's board with effective March 10, 2009.
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