TVS Motor Company has entered into agreements to sell its stake in Roppen Transportation Services Private Limited. The company will sell shares and Series D Compulsory Convertible Preference Shares (CCPS) to Accel India VIII (Mauritius) Limited and MIH Investments One B.V. The total consideration from this disinvestment will exceed specified materiality thresholds.
TVS Motor Company Disinvests from Roppen
TVS Motor Company Limited has finalized agreements to divest its stake in Roppen Transportation Services Private Limited, known as “Rapido”. The transaction involves the sale of Equity Shares and Series D Compulsory Convertible Preference Shares (CCPS) to two purchasers.
Details of the Transaction
The sale involves agreements with:
- Accel India VIII (Mauritius) Limited (“Purchaser 1”): Sale of 11,997 Series D CCPS.
- MIH Investments One B.V. (“Purchaser 2”): Sale of 10 Equity Shares and 11,988 Series D CCPS.
Financial Implications
The consideration for the sale to Purchaser 1 is INR 143,96,40,000. The sale to Purchaser 2 involves a consideration of INR 143,97,60,000. The total consideration from this disinvestment exceeds the specified materiality threshold.
Additional Information
The completion of this transaction is subject to customary regulatory approvals. Neither Purchaser 1 nor Purchaser 2 are related to the promoter or promoter group of TVS Motor Company Limited.
Source: BSE
