TVS Srichakra Ltd. (TSL) would participate in the rights issue of its wholly owned subsidiary TVS Srichakra Investments Ltd. (TVSSIL) to the extent of its entitlement of 1,36,593 shares for a total consideration of almost ₹2 crore, the company said in a regulatory filing.
Simultaneously, TVSSIL would subscribe to the rights issue of its wholly owned subsidiary TVS Sensing Solutions Pvt. Ltd .(formerly known as ZF Electronics TVS India Pvt. Ltd.) to the extent of its entitlement of 1,94,174 shares for a consideration of almost ₹2 crore. In turn, TVS Sensing Solutions Pvt. Ltd. would participate in compulsorily convertible preference shares to the extent of two lakh shares at ₹100 each in its subsidiary Fiber Optic Sensing Solutions Pvt. Ltd., the company said.
