Sundaram Auto Components Limited ("SACL" or "Transferor Company") is engaged in the business of manufacturing of automotive plastic components for passenger vehicles (Twowheelers, Four wheelers) and commercial vehicles. The Company is wholly owned subsidiary of TVS Motors Company Limited which is a leading automotive Original Equipment Manufacturers (OEMs) across the world. The equity shares of TVS Motors Company Limited are listed on nationwide bourses.
Pricol Precision Products Private Limited ("PPPPL" or "Transferee Company") is yet to commence any business. The company is wholly owned subsidiary of Pricol Limited which is preferred partner to many leading automotive Original Equipment Manufacturers (OEMs) across the world. Pricol Limited's operations classified into two verticals, Driver Information and Connected Vehicle Solution (DICVS) and Actuation, Control and Fluid Management System (ACFMS). The equity shares of Pricol are listed on nationwide bourses.
Getting ready for divestment:
TVS Motor Company Limited has planned its exit from injection moulded plastic component solutions division of SACL last year itself. In 2023, Hon'ble national Company law Tribunal approved a Scheme of Capital Reduction of SACL's paid up capital from Rs. 44,56,90,000/divided into 4,45,69,000 Equity shares of Rs.10/- each to Rs. 11,93,74,220/- divided into 1,19,37,422 equity shares of Rs.10/each by cancelling and extinguishing the paid-up equity share capital of Rs. 32,63,15,780/ divided into 3,26,31,578 Equity shares of Rs.10/- each for a consideration of INR 95 per equity share. Pursuant to the capital reduction, SACL paid back INR 310 crore to TVS Motor Company Limited.
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Esta historia es de la edición December 2024 de M & A Critique.
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