TVS Motor To Sell Stake In Rapido For Rs 288 Crore
TVS Motor Co proposes to divest its shareholding in Rapido, comprising 11,997 Series D CCPS, to Accel India VIII (Mauritius) for Rs 143.96 crore and 10 number of Equity Shares and 11,988 number of Series D CCPS to MIH Investments One BV for Rs 143.97 crore.
TVS Motor Company on Thursday announced that it has entered into agreements to divest its stake in bike-taxi aggregator Rapido for Rs 287.93 crore.
The two- and three-wheeler manufacturer has signed agreements with Accel India VIII (Mauritius) Limited and MIH Investments One BV for the monetisation of investment held in Roppen Transportation Services Private Limited (Rapido), according to an exchange filing.
In 2022, TVS Motor entered into a strategic partnership with the on-demand delivery and mobility platform Rapido for collaboration in areas of mutual interest and the commercial mobility ecosystem.
The company proposes to divest its shareholding in Rapido, comprising 11,997 Series D CCPS, to Accel India VIII (Mauritius) for Rs 143.96 crore and 10 number of Equity Shares and 11,988 number of Series D CCPS to MIH Investments One BV for Rs 143.97 crore, TVS Motor said in the filing.
The completion of the transaction is subject to regulatory approvals obtained by buyers, it added.
