TVS Motor soars 11%, nears record high on fund raise buzz for EV subsidiary

TVS Motor is in talks with a clutch of global private equity investors to raise $300-500 million for its electric vehicle subsidiary, reports suggest

Shares of TVS Motor Company hit an over two-year high of Rs 793.45, surging 11 per cent on the BSE in Tuesday's intra-day trade, on reports that the company is in talks to raise funds for its electric vehicle (EV) subsidiary. The stock of the company, engaged in automotive vehicles and parts business, was trading close to its record high level of Rs 795 touched on January 2, 2018.

The company's board on October 21, 2021 had approved the incorporation of a subsidiary to undertake the electric mobility business. It will invest Rs 1,000 crore on product development and