Tata Motors in March announced its demerger of PV (Passenger Vehicles) and CV (Commercial Vehicles) businesses. This made it two separate listed companies, housing the Commercial Vehicles business and its related investments in one entity, and; the Passenger Vehicles businesses including PV, EV, JLR and its related investments in another entity.
TMLCV has the authorized share capital of INR 50,00,000/- (Fifty Lakh only) divided into 25,00,000 equity shares of INR 2 each. The company further added that it (Tata Motors) will have 100% holding in TMLCVL.
“TMLCVL is proposed to be incorporated with a paid-up capital of INR 10,00,000 comprising 5,00,000 equity shares of face value INR 2 each fully paid-up in cash, ” the company said.
The Board of Directors of Tata Motors Limited have further disclosed the merger of Tata Capital Limited (TCL) and Tata Motors Finance Ltd (TMFL). This merger will be done through an NCLT scheme of arrangement. As per the details TCL will issue its equity shares to the shareholders of TMFL resulting in TML effectively holding a 4.7% stake1 in the merged entity, the company added.
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