TVS Holdings Limited has informed the Exchange about update on Scheme of Arrangement
TVSHLTD · price
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TVS Holdings has revised the redemption terms of its proposed bonus issue of Non-Convertible Redeemable Preference Shares (NCRPS) under a Scheme of Arrangement with its shareholders. The bonus ratio is 46 NCRPS of INR 10 each for every 1 equity share of INR 5 held. The NCRPS carry a 6% per annum coupon, payable annually along with the redemption amount, and will mature 15 months from allotment (with board discretion to redeem any time after 12 months). The company will use approximately INR 986.52 crore from general reserves/retained earnings, against available reserves of INR 1,456.26 crore as of 31st March 2025. Post-issue, paid-up capital will grow from about INR 10.12 crore (equity only) to roughly INR 940.79 crore (equity plus NCRPS). The scheme is awaiting NCLT approval before the bonus NCRPS can be allotted and listed on NSE and BSE.
For shareholders, this is a large bonus issuance that will substantially expand the company's capital base, but the NCRPS are short-tenure (12-15 months) redeemable instruments with a modest 6% coupon, so it functions more like a structured capital return than permanent dilution. The actual allotment hinges on NCLT approval, and the stock may react when the record date is finalised.