Popular Vehicles and Services Limited has informed the Exchange regarding 'Additional Information on Agenda Items of Postal Ballot Notice dated 4th June 2025.'.
PVSL · price
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Awaiting price reaction for this filing.
Popular Vehicles and Services Limited (PVSL) is divesting its stake in two subsidiaries — Vision Motors Pvt. Ltd. (which runs the Vision Honda dealership) and KGPL — to Automart Services Pvt. Ltd., led by former 32-year group employee Mr. Roy Thomas, for a combined value of Rs. 70 crore. The transaction was struck at a premium to two independent valuation reports: Grant Thornton valued Vision Motors at Rs. 65.21 crore and KGPL at Rs. 1.73 crore, while the Registered Valuer (CA Raju P.K.) valued them at Rs. 55.71 crore and Rs. 0.94 crore respectively. Three dealer quotations were considered, with Automart's offer exceeding the other two by 25-63%. The company clarified that promoters have extended personal financial support to Mr. Thomas without any corporate guarantee from PVSL.
The sale is being done at a healthy premium to independent valuations, supporting shareholder value, but the involvement of a former employee with promoter personal financial backing raises related-party governance concerns that shareholders should weigh carefully when voting on the postal ballot.