On Wednesday, people will be paying close attention to TVS Motor Company, which is based in Chennai. The company announced that it now owns only 18.18% of the Indian Foundation for Quality Management (IFQM). This means that IFQM is no longer considered a partner with TVS Motor because their share is below the 20% needed for this status according to Indian law.
In a statement on Tuesday, TVS Motor explained that IFQM has given out new shares to other investors. However, the company didn’t share any details about these new investors or how many new shares were issued.
IFQM is an organization that helps improve quality management in different industries. It has some well-known board members, including TVS Motor’s past chairman, Venu Srinivasan, Tata Sons Chairman N Chandrasekaran, and Sun Pharma’s Managing Director, Dilip Shanghvi. Other respected leaders like Kiran Mazumdar-Shaw and TV Narendran are also part of IFQM’s council.
On the stock market, TVS Motor’s shares closed at Rs 2,290.40 on Tuesday, which is a drop of 1.53%. Over the last six months, the stock has fallen by 17.06% and by 7.89% in the past month, although it has gained 0.9% over the past year. TVS Motor said they shared the news about their reduced stake following the rules set by the Securities and Exchange Board of India (SEBI).
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