In an exchange filing on Thursday, the two-wheeler and three-wheeler manufacturer said it has entered into agreements with Accel India VIII (Mauritius) Limited and MIH Investments One BV to divest its holdings in Roppen Transportation Services Private Limited, the parent company of Rapido.
TVS Motor said it will sell 11,997 Series D CCPS to Accel India VIII (Mauritius) for Rs 143.96 crore, and 10 equity shares along with 11,988 Series D CCPS to MIH Investments One BV for Rs 143.97 crore. The total transaction amounts to Rs 287.93 crore, the company disclosed.
TVS Motor had in 2022 entered a strategic partnership with Rapido to collaborate in areas of mutual interest across the commercial mobility ecosystem. The Chennai-based automaker was among the several institutional investors backing the ride-hailing startup as part of its broader bet on last-mile and on-demand mobility solutions.
The divestment comes at a time when Rapido’s shareholder mix is shifting. Recently, Swiggy sought to offload shares worth Rs 2,400 crore in the startup, reportedly due to a potential conflict of interest after Rapido’s foray into food delivery. Following Swiggy’s move, Prosus, a common backer of both companies, increased its stake in Rapido.
On Thursday, November 6, shares of TVS Motor Company closed 1.3% lower at Rs 3,445.30 on the BSE.Also read | Ola Electric vs Ather Energy shares: Which EV bet looks stronger for your portfolio right now?
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