Jwalamukhi Investment on Monday sold its stake in TVS
Motor company for Rs 212 crore through an open market transaction.

According to bulk deal data on the National Stock
Exchange (NSE), Jwalamukhi Investment sold a total of 32,62,840 shares of TVS
Motor. The scrips were divested at an average price of Rs 650, valuing the
transaction at Rs 212.08 crore.

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Jwalamukhi Investment Holdings held 2.47 crore shares or
a 5.21% stake in TVS Motor as of December 2021, according to shareholding data
with the BSE.

Meanwhile, TVS Motor Company said that it has acquired a
1.81% stake in Roppen Transportation Services (Rapido). The company’s stake in
Rapido will constitute less than 5% of the shares or voting rights in Rapido.
The announcement was made on April 15, 2022.

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The bike-taxi platform has raised $180 million in a
series-D round led by new investor swiggy along with the participation of TVS
Motor and existing investors Westbridge, Shell Ventures, and Nexus Ventures.
The startup is said to be valued at around $180 million. Rapido had raised
around $130 before this round.

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TVS Group-owned TVS Motor Company is a two and
three-wheeler manufacturer. It has a presence in 80 countries in Africa,
Southeast Asia and Central and Latin America.

The company had reported an 18.3% decline in consolidated
net profit to Rs 236.56 crore on an 8.2% rise in net sales to Rs 6,597.35 crore
in the third quarter of fiscal 2022 over the corresponding quarter of 2020-21.

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Share of TVS Motor
settled 1.12% higher at Rs 657.80 per share on the National Stock Exchange
(NSE).