“…we wish to intimate that Indian Foundation for Quality Management (IFQM) has informed that the shareholding of the company in IFQM has been reduced to 18.18% upon further allotment of shares by them to other Investors,” TVS Motor Company said in a regulatory filing.
With the stake falling below 20%, IFQM no longer qualifies as an associate of TVS Motors under the Companies Act, 2013. The company did not disclose details of the new investors or the extent of the additional shares issued.’
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IFQM has been incorporated with an aim to empower and encourage Indian organisations in diverse sectors to embrace and integrate quality values, principles, and practices in all aspects of management.
TVS Motor Company Chairman Emeritus Venu Srinivasan, who is the Chairman of IFQM, Tata Sons Chairman N Chandrasekaran, Sun Pharma Managing Director Dilip Shanghvi and Soumitra Bhattacharya, CEO (IFQM), are the Board members of IFQM.
IFQM said its governing council members, besides Srinivasan, Chandrasekaran, and Shanghvi, will include other industry leaders Kiran Mazumdar Shaw, Baba Kalyani, TV Narendran, Vivek Chaand Sehgal, Salil Gupte and KN Radhakrishnan.
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Shares of TVS Motor Company Ltd ended at ₹2,278.80, up by ₹23.00, or 1.02%, on the BSE.
