TVS Motors stocks hit new 52-week high over fund raise plans for EV mobility; company denies negotiation plans

TVS Motors Company Limited shares hit 52-week high of Rs 793.45 and surged over 10 per cent on the Bombay stock Exchange in Tuesday's intraday trade. The stock was also locked in upper circuit of Rs 783.40. The surge in the share came amid TVS Motors Company alleged plans to raise up to $500 million for EV subsidiary.  

Earlier, Tata Motors has confirmed similar deal with TPG Rise Climate and Abu Dhabi’s ADQ to give a boost to its EV mobility.  

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Meanwhile, as the report surfaced in a section of media, the Exchange sought clarification from TVS Motor Company Ltd on November 09, 2021, with reference to news article.  

Responding to article "TVS in talks to raise up to $500 million for EV subsidiary" published in Economic Times, the Indian multinational automotive company replied that no such deal has been materialized. " There is no such negotiation taking place. At the Board Meeting held on 21st October 2021, approval was granted for incorporation of a Wholly owned subsidiary to undertake its electric mobility business and the same was duly intimated to the Stock exchanges. We have not yet incorporated the subsidiary," it said in an exchange filing on Tuesday.  

It further said that, in relation to the movement in the trading of shares, we would like to clarify that all material information that has a bearing on the operation/ performance of the company has been disclosed in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'') and the Company is not aware of any events / information required to be announced under Regulation 30 of the Listing Regulations which has remained to be disclosed to the exchanges.

"In view of the aforesaid, it appears that the trading movement in shares is purely market driven. We wish to inform you that the company has been regularly disseminating information, if any, from time to time in due compliance with Regulation 30 of the Listing Regulations and the Company shall continue making applicable disclosures within the stipulated time, as may be required," it added.