TVS Motor acquires stake in Rapido, Jwalamukhi sells 32.6 lakh shares of TVS
- Jwalamukhi Investment sold its stake in TVS Motor for Rs 212 crore
- The scrips were divested at an average price of Rs 650
- It held a 5.21% stake in TVS Motor as of December 2021
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.
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.
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.
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.
Share of TVS Motor settled 1.12% higher at Rs 657.80 per share on the National Stock Exchange (NSE).