Tyresnmore Online Private Limited, a private company in the auto ancillary sector with a turnover of Rs. 2,563.66 Lakhs as of March 31, 2024, is set to receive an investment from CEAT Limited. CEAT plans to acquire 21,055 equity shares of Tyresnmore for a total consideration of Rs. 257 Lakhs through a rights issue. This transaction falls under related party transactions and is conducted at arm's length. CEAT's promoter group does not have any interest in Tyresnmore, aside from CEAT being its wholly owned subsidiary. The investment is aimed at maintaining CEAT's 100% ownership of Tyresnmore, which operates in the auto ancillary industry, focusing on automotive tyres, batteries, and related services. The shares will be allotted to CEAT on or before January 20, 2025, with no governmental or regulatory approvals required for the transaction.

The company will acquire 21,055 equity shares of Tyresnmore. The company's shareholding post this proposed investment remains 100%. The said transaction will be completed on or before 20th January, 2025. CEAT, the flagship company of RPG Enterprises, is one of India's leading tyre manufacturers and has a strong presence in global markets. CEAT produces more than 41 million high performance tyres, catering to various segments like 2-3 wheelers, passenger and utility vehicles, commercial vehicles and off highway vehicles.

The tyres manufacturing company's consolidated net profit fell 41.4% to Rs. 121.88 crore in Q2 FY25 as compared to Rs. 208 crore posted in Q2 FY24. Revenue from operations increased 8.22% year on year (YoY) to Rs. 3,304.53 crore in the quarter ended 30 September 2024. The counter declined 3.44% to end at Rs. 3068.40 on Monday, 6 January 2025.