TVS Motor shares hit 52-week high on plan to raise funds for EV business

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There were pending buy orders of 41,092 shares, with no sellers available

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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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TVS Motor Company share price touched a 52-week high of Rs 783.40 and was locked in 10 percent upper circuit in the morning trade on November 9 as the company evaluates fund-raising for its electric vehicle (EV) business.

There were pending buy orders of 41,092 shares, with no sellers available.

Weeks after Tata Motors announced a $ 1-billion fund infusion for its electric vehicle (EV) business by a consortium of TPG Rise Climate and Abu Dhabi’s ADQ, TVS Motor Company is also evaluating the possibility of a similar fund-raising exercise, industry sources have told Moneycontrol.

Also Read: After Tata Motors, TVS Motor Company also exploring PE investors route for EV arm

On October 21, the board of the south India-based two-wheeler maker had given the nod for the creation of a new arm to house its electric mobility business.

“Post the creation of a new subsidiary for its electric mobility business in a bid to unlock value, scale-up and expand the vertical, TVS Motor Company has initiated preliminary discussions with investment banks for a potential fund-raise,” said one of the persons cited above.

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At 9.27 am, TVS Motor Company was quoting at Rs 783.40, up Rs 71.20, or 10 percent on the BSE.