TVS Motor jumps 7% post-acquisition of Norton Motorcycles; pares gain later

The company has acquired Britain''s most iconic sporting motorcycle brand Norton in an all-cash deal for Rs 153 crore.

Shares of TVS Motor Company (TVSL) soared as much as 7.16 per cent to Rs 323 apiece on the BSE on Monday after the leading two-wheeler and three-wheeler manufacturer on Friday acquired Britain's Norton Motorcycles for GBP 16 million (Rs 153.12 crore).

The company has acquired Britain''s most iconic sporting motorcycle brand Norton in an all-cash deal for a consideration of GBP 16 million by acquiring certain assets of Norton Motorcycles (UK) through one of its overseas subsidiaries, TVS Motor Company said in a statement.

Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British