The Company is also informed that the Board of Directors of TVS Credit, at their meeting held on 9 June 2023, have approved execution of certain share purchase agreements entered into between PI, TVS Credit and certain existing shareholders of TVS Credit, whereby PI shall acquire certain additional equity shares of TVS Credit for an aggregate consideration of Rs 257.01 crore.
Upon completion of the proposed primary and secondary investments, PI will hold approximately 9.72% of the paid-up share capital of TVS Credit, on a fully diluted basis.
Completion of the Proposed Transaction is subject to completion of applicable conditions precedent, including applicable regulatory approvals as set out in the definitive agreements.
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