TVS Motor shares zoom over 7% after buying iconic British bike brand
Shares of TVS Motor Company on Monday jumped over 7 per cent after the company said it has acquired Britain's iconic bike manufacturer Norton Motorcycles for GBP 16 million (around ₹153 crore).
The company's scrip advanced 7.16 per cent to ₹323 on the BSE.
At the NSE, it went up by 6.97 per cent to ₹321.95.
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Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time.
The company has acquired Norton in an all-cash deal for a consideration of GBP 16 million by acquiring certain assets of Norton Motorcycles (UK) through one of its overseas subsidiaries, TVS Motor Company said in a statement 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 said in the statement.