TVS Digital, a step down wholly-owned subsidiary of TVS Motors Company, informed that it has entered into an agreement dated 25 December 2024 (agreement) for redemption of 5,31,416 Series A Preferred Stock of Scienaptic Systems, Inc., a Delaware corporation (Scienaptic), an associate company (as per the latest audited financials of Financial Year 2023-24), for an aggregate consideration of USD 1.7 Million in Scienaptic (transaction). The transaction is expected to be completed on or before 31 December 2024.
Pursuant to such redemption, Scienaptic will cease to be an associate company of the Company and that of its step-down subsidiary as well. The remaining shareholding held by TVS Digital may be redeemed in one or more tranches, as per the terms of the Agreement.
The article originally appeared on Business Standard.
