HomeAutomobileTVS Motor Shares Jump 7 Percent Post Acquisition of Norton Motorcycles

TVS Motor Shares Jump 7 Percent Post Acquisition of Norton Motorcycles

Norton Commando. (Photo:  Manav Sinha/News18.com)

Norton Commando. (Photo: Manav Sinha/News18.com)

The firm’s scrip superior 7.16 p.c to Rs 323 on the BSE. While on the NSE, it went up by 6.97 p.c to Rs 321.95.

  • PTI New Delhi
  • Last Updated: April 20, 2020, 11:41 AM IST

Shares of TVS Motor Company on Monday jumped over 7 per cent after the corporate stated it has acquired Britain’s iconic bike producer Norton Motorcycles for GBP 16 million (round Rs 153 crore). The firm’s scrip superior 7.16 per cent to Rs 323 on the BSE.

At the NSE, it went up by 6.97 per cent to Rs 321.95. Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the many hottest British bike manufacturers of all time.

The firm has acquired Norton in an all-cash deal for a consideration of GBP 16 million by buying sure belongings of Norton Motorcycles (UK) via one among its abroad subsidiaries, TVS Motor Company stated in a press release on Friday.

“This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world, and presents us with an immense opportunity to scale globally,” TVS Motor Company Joint Managing Director Sudarshan Venu stated within the assertion.

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