TNI || New Delhi || 4th Oct 2021
Ceat Limited has confirmed that it is raising its stake in Tyresnmore Online, an online platform for buying tires and fitting services.
With this move, the company’s stake will be raised to 46%, and it will also bring a further investment of Rs. 1.4 crores.
A fourth addendum agreement has been entered into the already existing shareholders’ agreement and share subscription with the online platform and other parties to invest another 1.4 crores to acquire an additional stake of 1.83% of the post-issue share capital of the online platform.
The company has said in a statement that on completion of the investment, the overall holding of Ceat Limited in Tyresnmore will be 46%.
The proposed investment is not going to be happening anytime soon, but in the third quarter of FY 2022, through cash consideration by subscribing compulsorily convertible preference shares which will have a face value of Re.1 each.
According to the filing, Tyresnmore had a turnover of 6.42 crore in FY 2020-21 and Rs. 11.35 crore in the preceding financial year.