Kirloskar Brothers has become the first company to disclose its promoters entire ‘deed for family settlement (DFS) according to new regulations by India s Securities and Exchange Board. The agreement deals with the distribution of assets, transfer of shares, ownership of entities and execution of the deed, among other factors.
On June 30, promoters and promoter groups, including Khericha, Kumar, Chartered Capital, Saphire Finman Services LLP, and Hitoshi Matsuo, sold around 37.8 million shares representing 24.21% of TD Power in the open market. Promoters, who held a 58.5% stake in the company before the transaction, now hold 34.30%.
Around 345,000-346,000 vehicles are expected to be sold in the domestic market by the close of this month, compared with 342,000 units a year earlier. This would be the highest July sales on record in the Indian market. The highest monthly passenger vehicle sales were 355,000 units, recorded in September 2022.
Talk about being caught in a downward spiral. Cash-starved Dunzo has sharply scaled down operations to about a fifth from last years peak in a move to save cash, while fresh funds arent forthcoming. This and more in todays ETtech Morning Dispatch.
Maruti Suzuki: Toyota Kirloskar Motor (TKM) plans to consider setting up another unit once it reaches optimal capacity utilisation by 2024, said Vikram Gulati, country head and executive vice president at the car manufacturer. TKM is expecting the second consecutive year of record production, fueled by robust demand for its newly launched vehicles and buoyancy in the passenger vehicle market.