Consequently, EHRL ceased as an associate of the company effective from 14 June 2023, the firm stated.

It is a related party transaction as TVS Holdings is the part of promoter/promoter group. The transfer of shares was done at arms-length based on a valuation report.

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 2-wheeler maker's standalone net profit jumped 49.5% to Rs 410.27 crore on 19.4% rise in revenue from operations to Rs 6,604.78 crore in Q4 FY23 over Q4 FY22.

Shares of TVS Motor Company were down 0.11% to Rs 1,334.60 on the BSE.