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The administrative committee of the board of directors approved the allotment of 12,500 listed, rated, unsecured, redeemable, floating rate, non-convertible debentures having face value of Rs 1 lakh each, aggregating to Rs 125 crore.
The interest rate offered on NCDs is sum of the benchmark rate and spread of 140 basis points payable on coupon payment dates. Benchmark rate is 6.50% as on date of issue. Thus, initial coupon rate as on date of this placement memorandum is 7.90 % per annum. Benchmark rate is repo rate as declared by RBI and revised from time to time.
The tenure of the NCDs is 3 years and date of maturity is on 13 March 2026. The NCDs are proposed to be listed on National Stock Exchange.
TVS Motor Company is a reputed two and three-wheeler manufacturer globally. It has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. TVS Motor's group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland.
The company reported 22% rise in standalone net profit to Rs 353 crore on a 15% increase in revenue to Rs 6,545 crore in Q3 FY23 over Q3 FY22.
The scrip was up 0.27% to Rs 1,047.30 on the BSE.
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