The Hindu Business Line : WABCO-TVS ends day one at Rs 321.85

Chennai, Oct. 1 On Wednesday, on WABCO-TVS Ltd’s first day of listing on the stock exchanges, it opened at Rs 299.90 and closed higher at Rs 321.85 on the Bombay Stock Exchange. The share, of a face value of Rs 5, touched a high of Rs 374.

WABCO TVS was created by a de-merger of the brakes business of Sundaram-Clayton Ltd of the TVS group. The de-merger took effect on January 1, 2007.

As part of the scheme, shareholders of Sundaram-Clayton were allotted one share of Rs 5 in WABCO-TVS for each share (of Rs 10) held in Sundaram-Clayton.

Sundaram-Clayton had previously disclosed that within two years from the date of listing WABCO-TVS shares, the majority control and management of SCL would be vested with the TVS Group, while the majority control and management of WABCO-TVS would be with WABCO.

Accordingly, Clayton Dewandre Holdings Ltd, UK, (CDH) will transfer the shares held by it in SCL to TVS Group and TVS Group will transfer its shares in WABCO-TVS to CDH.

Sundaram-Clayton was established in 1962 between the TVS Group and CDH. CDH was subsequently taken over by American Standard Inc, US. SCL issued shares to the public in 1983.

In the share capital of SCL, the TVS group holds 40.83 per cent, CDH holds 39.17 per cent and the public holds 20 per cent.

More Stories on : IPOs | Automobile Components

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Ganesh Housing calls EGM

Orient Express Hotels plea to shareholders

Expansion plans lift Adhunik Metaliks

Daily currency futures limit may be raised

FIIs pull out $2 billion from equities

High level panel debates liquidity, P-Notes

Gujarat Pipavav Port files for IPO

WABCO-TVS ends day one at Rs 321.85

Banking sector funds outclass others in second quarter