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Mahindra & Mahindra acquires stake in TVS Automobile Solutions

Capital Market 

Mahindra & Mahindra signed a Share Subscription Agreement for subscribing to the following securities of TVS Automobile Solutions (TASL)-

Series IV Compulsorily Convertible Preference Shares (Series IV CCPS) resulting in the Company acquiring 2.76% of the share capital of TASL on a fully diluted basis and

Series V Compulsorily Convertible Preference Shares (Series V CCPS) with an earn-out right to increase the stake of the Company in TASL.

The number of equity shares upon conversion would depend upon the milestones to be achieved upto 31 March 2024.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 26 2020. 16:50 IST