Cholamandalam Investment and Finance Co. Ltd. (CIFCL) has entered right into a share swap settlement with TVS Supply Chain Solutions Ltd. (TVSSCSL) to sell 30.87% fairness shares of its affiliate agency White Data Systems India Pvt. Ltd. (WDSI) to the latter for consideration apart from money.
Consequently, WDSI will stop to be an affiliate of CIFCL and two WDSI nominee administrators will resign upon completion of motion, the funding arm of Murugappa group agency mentioned in a regulatory submitting.
On Tuesday, CIFCL board determined to sell 12.76 lakh fairness shares of WDSI constituting 30.87% to TVSSCSL. As consideration, CIFCL shall be issued 22,35,265 obligatory convertible choice shares of ₹1 every of TVSSCSL. Later, it will be transformed into one fairness share of ₹1 every.
Right now, CIFCL doesn’t have any current shareholding in TVSSCSL and vice versa.
