Chennai, Oct 18: TVS motor company on Friday announced 60 per cent per cent interim dividend after posting a 20 per cent growth in its net profit at Rs.36.98 crore for the second quarter ending Sept 30 against Rs.30.85 crore in the same period last year. The company's board has proposed to effect merger of Engine components division of Lakshmi Auto Components with its holding company TVS Motor Company subject to the approval of shareholders and other statutory requirement, TVS Motor company chairman and managing director Venu Srinivasan said.
The Board proposed that the TVS motors company's equity shares of Rs 10 each per share be split into equity shares of face value of Re.1, subject to clearance of shareholders. The shareholders of LAC will also be eligible for the sub divided shares on completion of the merger, he said.
Referring to second quarter results, he said the company sales went up to Rs 764.55 crore against Rs 705.05 crore.
Bureau Report