Sundaram-Clayton Ltd. (SCL) has reduced its stake in its associate firm TVS Training and Services Ltd., by selling 8.57 lakh shares for ₹1.24 crore.
As a result, the company’s holding has been reduced to 21.07% from 30.53%. The stake was purchased by Malini Srinivasan, SCL said in a regulatory filing.
Ms. Srinivasan does not belong to the promoter group. Yet, the transaction qualified as a related party transaction since she is a relative of a director, according to the filing.
Established in 2011, TVS Training and Services provides training in a variety of domains such as automotive, engineering, finance and retail.
According to the company’s website, it has four training centres in Chennai and one in Sri City, Andhra Pradesh. It has provided training to 1.40 lakh people in various verticals and placed 45,000 people in various jobs across the country.
