M&A
TVS Motor to buy addl 39% stake in DriveX for Rs.98-Cr
TVS Motor Company will acquire an additional 39.11 % stake in Coimbatore-headquartered DriveX Mobility Pvt Ltd for INR 97.79 crore, increasing its total ownership in the company to 87.38 %. TVS Motor would buy 7,914 equity shares, each with a face value of INR 10, from existing shareholders. Post-transaction, DriveX will become a subsidiary of TVS Motor.DriveX is involved in leasing two-wheeler motorcycles and scooters, as well as trading and distributing pre-owned motorcycles and scooters. Currently, TVS Motor holds 48.27 % of the firm’s paid-up share capital.DriveX, founded in April 2020, reported a revenue of INR 34 crore and a loss after tax of INR 31 crore for FY24, compared to a revenue of INR 6 crore in FY23.
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