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TVS Motor clarifies on reports of fundraising for EV subsidiary, stock slips from highs

TVS Motor on Tuesday issued a clarification statement on media reports with respect to the company looking for PE investments in proposed EV subsidiary. TVS said that there is no such negotiation taking place as it is yet to incorporate the subsidiary for electric mobility business.

“At the Board Meeting held on 21st October 2021, approval was granted for incorporation of a Wholly owned subsidiary to undertake its electric mobility business and the same was duly intimated to the Stock exchanges. We have not yet incorporated the subsidiary,” TVS Motor informed in an exchange filing today.

Shares of TVS Motor slipped a bit from highs but were still trading with gains of over 3% at ₹738 apiece on the BSE in Tuesday’s session after issuing the clarification.

In view of the aforesaid, it appears that the trading movement in shares is purely market driven, TVS added.

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