TVS Motor shines post acquiring Norton Motorcycles

Indian multinational motorcycle company, TVS Motor, surged around seven per cent in the early trading hours on Monday after the company announced that it has acquired Britain’s Norton Motorcycles for GPB 16 million (Rs 153.12 crore).

The stock of TVS Motor Company Ltd closed on Friday at Rs 301.40. However, in the first half of Monday’s trading session, it soared as much as 7.16 per cent to touch Rs 323 on BSE.

In a BSE filing made on Friday after the market hours, TVS Motor Company informed that one of its overseas subsidiaries had signed an asset purchase agreement with Norton Motorcycle Holdings Limited and Norton Motorcycles (UK) Ltd to acquire certain assets from Norton, including its brand as well as other associated brands.

The company further informed that it was an all-cash deal with a total amount of GPB 16 million (Rs 153.12 crore). The project was concluded by Project 303 Bidco Limited, which is a newly-incorporated company (with no business) acquired by TVS Motor Singapore Pte Limited for GBP1.

At 3.20 pm on Monday, the stock of TVS Motor Company Ltd is trading at Rs 308.50, up by 2.36 per cent against its previous close of Rs 301.40. Its 52-week high is recorded at Rs 523.25 while, its 52-week low is Rs 240.10 on BSE.