Tata Motors’ passenger vehicles business unit, which is in the process of being hived off into a separate entity, has been valued at Rs 9,417 crore, according to a regulatory filing by the company.
Tata Motors Domestic Sales Release January 2021. To know more visit https://t.co/U0W1Eh7jEB. #ConnectingAspirations pic.twitter.com/3uzgJVEnml
— Tata Motors (@TataMotors) February 1, 2021
The homegrown auto major has called a meeting of the secured creditors as well as equity shareholders of the company on March 5 to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern on a slump sale basis for a lump sum consideration, Tata Motors Ltd (TML) said.
Winding curves and turns can be treacherous and risky, especially during the night. That’s why #RoadSafetyForTruckers advise you to slow down while driving through bends. pic.twitter.com/63rFFGWuq1
— Tata Motors (@TataMotors) February 1, 2021
Upon the coming into effect of the scheme and upon transfer and vesting of the passenger vehicles undertaking in the transferee company — TML Business Analytics Services Ltd, the total lump sum consideration payable to the transferor company (TML) shall be the purchase consideration, that is Rs 9,417 crore and subject to withholding taxes under applicable Law, the filing added.
Wetland ecosystems are crucial for biodiversity conservation, water management and livelihoods and we have created in-house wetlands to enhance natural resources. This #WorldWetlandsDay, make sure you protect this beautiful gift of nature in your vicinity! #ConnectingAspirations pic.twitter.com/UWN8bNH3Ll
— Tata Motors (@TataMotors) February 2, 2021
Tata Motors said the valuation of the passenger vehicles business unit had been arrived at based on a fair valuation undertaken by a registered valuer, independent Chartered Accountants M/s Vikrant Jain and various qualitative factors relevant to the company and the business dynamics and growth potentials of the unit, vital underlying assumptions and limitations.
Truck drivers often have to cover extraordinarily large distances in the course of their delivery. #RoadSafetyForTruckers urge you to make sure that you are well rested before a long haul. pic.twitter.com/tTPhedo60Z
— Tata Motors (@TataMotors) February 2, 2021
“Based on the relevant factors and circumstances as outlined in the valuation report, the fair value of the Passenger Vehicles Undertaking is Rs 9,417 crore,” the filing added. This will be settled by way of issuance and allotment of 9,41,70,00,000 equity shares of the transferee company at Rs 10 each,” it said.
