Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Tata Motors shareholders approve hiving off PV business into new entity
BackBack

Tata Motors shareholders approve hiving off PV business into new entity

The company had said that its passenger vehicles business has been valued at ₹9,417 cr
  • In terms of public institutional shareholders, total 68,86,10,054 votes were polled with all of them in favour and none against the resolution
  • Tata Motors logos (Reuters)Premium
    Tata Motors logos (Reuters)

    New Delhi: Tata Motors on Monday said its shareholders have approved hiving off its passenger vehicles business into a separate entity.

    On March 5, the shareholders of the company voted to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern on a slump sale basis for a lump sum consideration.

    The company had said that its passenger vehicles business has been valued at 9,417 crore.

    In a regulatory filing, Tata Motors said total 2,15,41,38,392 votes were polled out of which 2,15,32,39,294 were in favour of the resolution, translating into 99.958 per cent of the total votes, while 8,99,098 votes (0.042 per cent) were against.

    In terms of public institutional shareholders, total 68,86,10,054 votes were polled with all of them in favour and none against the resolution.

    In public non-institutional shareholders category, total 15,20,76,906 votes were polled with 15,11,77,808 votes (99.409 per cent) in favour and 8,99,098 votes (0.591 per cent) against the move, the filing added.

    The company management had stated that it expects the process of hiving off its domestic passenger vehicles (PV) business to be completed around May-June this year, although it has not yet taken a call on a potential partner for the business.

    Last year, Tata Motors had announced that it would turn its domestic PV business unit into a separate entity and seek a strategic partnership in order to help the unit secure its long-term viability.

    Tata Motors has maintained that as part of an overall business reorganisation plan and in order to provide for the optimum running, growth and development of the PV undertaking and its interests, it was necessary to realign the PV business.

    This shall help in providing differentiated focus for the PV and commercial vehicle businesses separately and help each of them realise their potential while also unlocking business value and enhanced management focus and operational flexibility in each of the businesses, the company had said.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 08 Mar 2021, 02:30 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App