TVS Motor stake in IFQM down to 18%

TVS Motor on Tuesday informed the exchanges that the company’s stake in Indian Foundation for Quality Management (IFQM) has been reduced to 18.18 per cent, upon further allotment of shares by IFQM to other investors.

“Consequent to this IFQM ceased to be an Associate of the Company [TVS Motor] in terms of the Companies Act, 2013, as the shareholding is below 20 per cent,” TVS said in a BSE filing.

IFQM is a company incorporated as not for profit company, under Section 8 of the Companies Act, with the objective of driving positive change when it comes to the quality standards in the Indian industry. It counts TVS Motor’s Venu Srinivasan, Tata Sons’ N Chandrasekaran, Sun Pharma MD Dilip Shanghvi among its board members. 

TVS Motor Company originally acquired 28.57 per cent stake in IFQM for ₹2.5 crore in February last year. TVS then said that the acquisition was to improve the quality of Indian products and services and increase the exports.

TVS Motor closed at ₹2,290.40 on the BSE, up about 1.5 per cent.