TVS Motor Company announced on Monday that its Singapore-based subsidiary has raised its stake in the German electric mobility startup Killwatt GmbH to 49 percent. This was achieved through the acquisition of an additional 8,000 equity shares for 4 million euros (over Rs 35 crore).
According to a regulatory filing by TVS Motor Co, TVS Motor (Singapore) Pte Ltd has agreed to purchase an additional 8,000 equity shares in Killwatt GmbH. This move will increase its shareholding from 39.28 percent to 49 percent through the issuance of newly issued shares by Killwatt GmbH.
The total consideration for the acquisition of these 8,000 equity shares amounts to 4 million euros. Out of this, 2 million euros will be paid on or before March 4, with the remaining 2 million euros to be paid at a later date. The latter payment is contingent upon the completion of a specific pre-agreed milestone by Killwatt GmbH.
Killwatt GmbH is a privately held company involved in various aspects of the electric two-wheeler industry, including development, design, manufacturing, sale, and distribution of products and components.
