In November 2024, TVS Srichakra Ltd. received 9,11,741 equity shares representing 7.58 % of the paid-up equity share capital of TASL Automobile Solutions Private Limited, a promoter group company.
Consequent to the selective capital reduction programme, TASL Automobile remitted a total cash consideration of Rs. 34.44 crore (at an exit price of Rs. 377.70 per equity share) to TVS Srichakra Ltd. “Accordingly, the company’s entire holding of 9,11,741 equity shares in TASL Automobile stands fully cancelled and extinguished,” said TVS Srichakra Ltd. in a filing with the stock exchange .
TASL Automobile Solutions Private Limited is a traditional aftermarket distributor of spare parts and components for two-wheelers, three-wheelers, passenger vehicles, commercial vehicles and tractors. The company has derived its revenues from a mix of spare part distribution and insurance business. among its shareholders. “TVS Mobility Private Limited (TVS Mobility/parent company) holds a 21.57% stake in the company (as on December 31, 2024) while other group companies/promoters hold a 34.63% stake, resulting in a 56.20% stake by the T S Rajam group. The company also has strategic investors including Kitara ASL and Mitsubishi Corporation among its shareholders,” according to a report published by ICRA in June last.
TVS Srichakra Limited, maker of Eurogrip brand of tyres, is a manufacturer\and exporter of two-, three-wheeler and off-highway tyres. Incorporated in 1982 and headquartered in Madurai, TVS Srichakra has manufacturing facilities in Madurai (Tamil Nadu) and Pantnagar (Uttarakhand) with a production capacity of over three million tyres a month. The company has a design centre in Milan, Italy supporting the R&D centre in Madurai and the tyres are tested in Indian, European and Japanese road conditions. TVS Srichakra’s products are available in over 85 countries across the world.
