Ritik Gupta
Tata Motors’ passenger vehicles business unit, which is in the process of being hived off into a separate entity, has been valued at Rs 9,417 crore, according to a regulatory filing by the company.
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The homegrown auto major has called a meeting of the secured creditors as well as equity shareholders of the company on March 5 to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern on a slump sale basis for a lump sum consideration, Tata Motors Ltd (TML) said.
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Upon the coming into effect of the scheme and upon transfer and vesting of the passenger vehicles undertaking in the transferee company — TML Business Analytics Services Ltd, the total lump sum consideration payable to the transferor company (TML) shall be the purchase consideration, that is Rs 9,417 crore and subject to withholding taxes under applicable Law, the filing added.
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Tata Motors said the valuation of the passenger vehicles business unit had been arrived at based on a fair valuation undertaken by a registered valuer, independent Chartered Accountants M/s Vikrant Jain and various qualitative factors relevant to the company and the business dynamics and growth potentials of the unit, vital underlying assumptions and limitations.
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“Based on the relevant factors and circumstances as outlined in the valuation report, the fair value of the Passenger Vehicles Undertaking is Rs 9,417 crore,” the filing added. This will be settled by way of issuance and allotment of 9,41,70,00,000 equity shares of the transferee company at Rs 10 each,” it said.
