TVS Srichakra Ltd. on Friday introduced that it had made an funding of $3 million in wholly owned subsidiary SG Acquisition Corporation, USA, by subscribing to 300 widespread shares at $10,000 per share.
“This investment grants us 100% ownership of SG Acquisition Corporation, USA,” the corporate stated in a regulatory submitting. “Furthermore, SG Acquisition Corporation will subsequently assume and takeover assets, liabilities and business operations of Super Grip Corporation, USA,” it added.
On October 20, TVS Srichakra stated that it meant to amass 100% holdings of SG Acquisition Corporation with a view to increasing its enterprise in the U.S. The U.S. subsidiary will concentrate on off freeway tyre merchandise.
Later, in the day, the corporate stated it had executed a mortgage of $6 million to SG Acquisition Corporation at an rate of interest of 6% each year for a two-year tenure, which was repayable on demand.
