In a statement, the company stated that while “one of the members forming part of the promoter group in the company diluted a small portion of 1.6% of their stake to raise capital for a new venture” this will not be followed up with more such block sales.
“This is a one-time transaction and there are no plans for further dilution,” said the statement.
“Following this, TVS Sundram Fasteners will hold 9,83,19,780 equity shares (46.8%) stake in the company.” The statement also quoted Suresh Krishna, chairman, Sundram Fasteners and one of the members of the promoter group, saying, “This transaction was driven solely by the decision of one of the members of the promoter group to raise capital for a new venture. Our commitment to the company’s long-term growth and success remains unwavering, and we do not foresee any further dilution of our stake.”
The statement comes on the heels of TVS Sundram Fasteners, one of the promoters of Sundram Fasteners, divesting 1.57% stake in the auto parts major for INR 434 crore through an open market transaction earlier this week.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
