TVS Motor Approves Composite Scheme of Arrangement

TVS Motor Company's Board of Directors has approved a composite scheme of arrangement involving the acquisition of Harita ARC Limited (TVSM WOS) for ₹25,000. The scheme also includes the amalgamation of TVS Motor Services Limited with TVS Motor Company and the demerger of a specific undertaking into Harita ARC Limited. Harita ARC Limited will issue shares to TVS Motor Company shareholders post-demerger. The acquisition of TVSM WOS, a related party transaction, is on an arm's length basis and is intended to house the consumer finance business post-demerger. The scheme is subject to various regulatory and shareholder approvals.