TVS Motor Company, a leading manufacturer of two and three-wheelers, on Thursday said it has received the approval of the shareholders for the sale of the entire 50.05 percent stake in Sundaram Holding USA Inc, USA (SHUI) to Sundaram-Clayton Ltd (SCL).

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The company in an exchange filing said it has received Rs 317.01 crore from the sale that happened on September 22, 2022.

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TVS Motor Company held shares of Sundaram Holding USA Inc through Sundaram Auto Components Ltd (SACL), a wholly-owned subsidiary of the company.

"Subsequent to the above, SHUI has ceased as a subsidiary of SACL and also of the company and consequently SHUI’s subsidiaries in the USA viz., Green Hills Land holding LLC, Component Equipment Leasing LLC, Sundaram-Clayton USA LLC, and Premier Land Holding LLC have also ceased as subsidiaries of the company," it said.