TVS Motor Co. Ltd. has decided to divest its majority stake in TVS Energy Ltd., a subsidiary company, report said.
However, the company announcement to the BSE stated that “the Board of Directors of the Company has given their approval for divesting its majority stake in TVS Energy Ltd., subject to fulfilling certain related conditions before actual transfer of shares in TVS Energy Ltd., an agreement to this effect has been signed.”
Though the board gave its approval to dilute the stake, the exact percentage and to whom it were not disclosed.
TVS Energy, the renewable energy arm of TVS Motor, currently operates 59 mega watt of wind farms, at mostly its for captive purpose.
At the BSE, TVS Motor Company closed Thursday’s trading at Rs.31.45, up 5.89 percent from the previous close.