TVS Motor Company on Tuesday (28 April) announced that its board approved issuing non-convertible debentures (NCDs) worth upto Rs 500 crore on a private placement basis.
Last week, TVS Motor announced the acquisition of Britain's sporting motorcycle, Norton in an all-cash deal for a consideration of 16 million pounds. The company said that the deal was completed by acquiring certain assets of Norton Motorcycles (U.K.) (in administration) through one of TVS Motor's overseas subsidiaries. The transaction is in line with its effort to cater to the aspirations of discerning motorcycle customers, it added.
TVS Motor Company fell 0.5% to Rs 298. Meanwhile, the S&P BSE Sensex was up 266.07 points or 0.84% to end at 32,009.15.
TVS Motor Company is a two and three-wheeler manufacturer and is the flagship company of TVS group. On a consolidated basis, the auto maker's net profit fell 26.1% to Rs 150.61 crore on a 7% decline in net sales to Rs 4765.99 crore in Q3 December 2019 over Q3 December 2018.
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