TVS Srichakra receives ₹34.44 crore as TASL Automobile cancels its shares

TVS Srichakra Limited on Thursday received a cash consideration of ₹34.44 crore from TASL Automobile Solutions Private Limited after a court-approved capital reduction scheme extinguished the tyre maker’s entire stake in the promoter group company.

TASL Automobile paid ₹377.70 per share to buy out TVS Srichakra’s holding of 9,11,741 equity shares, which represented 7.58 per cent of TASL Automobile’s paid-up share capital. The payment was made on October 7, 2026, the day the scheme became effective. TVS Srichakra’s holding now stands fully cancelled.

The transaction was the outcome of a Composite Scheme of Selective Capital Reduction initiated by TASL Automobile under Section 66 of the Companies Act, 2013. The scheme, which offered an exit to non-promoter shareholders, was sanctioned by the National Company Law Tribunal’s Division Bench, Court II, in Chennai. TVS Srichakra had first disclosed receiving the shares in November 2024.

TVS Srichakra shares were trading at ₹4,277.10 on the NSE, down 1.77 per cent from the previous close of ₹4,354.10. The stock has fallen roughly 20 per cent over the past month but remains above its 52-week low of ₹3,185.