TVS Motor Company Acquires 4.90% Stake in Jana Small Finance Bank for INR 193,31,19,436.71

TVS Motor Company 's Investment Committee of the Board of Directors, at its meeting on May 18, 2026, approved the execution of a Share Purchase Agreement (SPA) with Jana Holdings Limited for the acquisition of a 4.90% stake in Jana Small Finance Bank Ltd. The meeting commenced at 10:45 A.M. (IST) and concluded at 12:05 P.M. (IST). The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Acquisition Details

The proposed transaction involves the purchase of 51,60,903 equity shares of Jana Small Finance Bank Limited from Jana Holdings Limited, representing 4.90% of the bank's paid-up share capital as on May 18, 2026. The acquisition will be settled through cash consideration. Key details of the transaction are outlined below:

Parameter: Details Target Entity: Jana Small Finance Bank Ltd Seller: Jana Holdings Limited Number of Shares: 51,60,903 equity shares Stake Acquired: 4.90% of paid-up share capital Consideration Type: Cash Total Consideration: INR 193,31,19,436.71 Expected Completion: Within 3 months from May 18, 2026 Regulatory Approvals Required: Not applicable

The acquisition is not classified as a related party transaction of TVS Motor Company. However, the company has disclosed that GWC Family Fund Investments Pte. Ltd., a body corporate controlled by a member of the promoter group of TVS Motor Company, proposes to subscribe to an aggregate of 68,29,909 share warrants of Jana Small Finance Bank Limited, subject to applicable approvals including that of the Reserve Bank of India.

About Jana Small Finance Bank

Jana Small Finance Bank Ltd is a public limited company incorporated on 24 July 2006 under the laws of India, with its registered office in Bengaluru, Karnataka. As of March 31, 2026, it is ranked as the fourth largest Small Finance Bank in terms of both AUM and deposit size. The bank has an established presence in mass retail and MSME banking, with a strong growing secured lending base and a national distribution footprint. It operates across 822 outlets spanning 23 states and 2 Union Territories, serving over 12 million customers, with advances and deposits of over Rs. 35,000 crore each.

Jana Small Finance Bank's total income has shown consistent growth over the past three fiscal years, as detailed below:

Year: Total Income (INR Crores) FY 2023-24: 4,684.06 FY 2024-25: 5,447.17 FY 2025-26: 6,374.76

For FY 2025-26, the bank reported a profit after tax of INR 326.43 crores and a net worth of INR 4,215.50 crores, based on its audited financial statements.

Strategic Rationale

The stated objective of the acquisition is to provide better insight into the banking ecosystem and allow for mutual collaboration in various areas for the long-term success of Jana Small Finance Bank, subject to applicable laws. This investment forms part of TVS VENUS's broader strategy to acquire up to 9.9% equity ownership in the bank on a fully diluted basis, through a combination of primary issuance of warrants and a secondary purchase.

TVS VENUS has an established presence in India's financial services sector through TVS Credit Services, a leading Non-Banking Financial Company offering consumer and retail loans to millions of customers across India. TVS VENUS has also signed definitive agreements to acquire 100% stake in PGIM India Asset Management.

Sudarshan Venu, Chairman, TVS Motor Company, stated: "We firmly believe that a key driver to India's growth is the strengthening and expansion of India's financial services. We have been serving more than 44 million financial services customers across more than 100,000 touch points pan India, and are excited about the huge opportunity that the sector presents. This investment in Jana is aligned with TVS VENUS's long-term approach to support high-quality institutions that serve India's growing financial needs and its expanding digital financial eco-system. Jana Small Finance Bank has built a credible banking franchise with a strong presence across customer segments central to India's credit, savings, and investment growth. We are thankful to TPG Capital for backing and building Jana together with Ajay and his team. We are also excited to welcome new investors, particularly the highly respected industrialist Mr S P Lohia, founder of Indorama Corporation and Ms Shruti Lohia, through her investment vehicle 2i Capital PCC. Subject to the necessary approvals, we look forward to supporting Jana in its journey towards a leading Bank in India."

About TVS VENUS

TVS VENUS operates as an institutional platform to build, anchor and scale globally respected enterprises focused on mobility, financial services, real estate, and lifestyle sectors. With a presence across 90+ countries, TVS VENUS reported approximately USD 6.5 billion in FY26 revenue and brings together a portfolio of over 64,000 people representing 50+ nationalities, with centres of excellence across India, Indonesia, Italy, and the United Kingdom. The flagship of the group, TVS Motor Company, is a reputed two and three-wheeler manufacturer and a global leader in sustainable mobility.

Completion Timeline

The consummation of the proposed acquisition is subject to the satisfaction of customary conditions precedent under the SPA and is expected to be completed within 3 months from May 18, 2026. The transaction will be completed after receipt of necessary approvals and fulfilment of customary closing conditions.

TVS Motor Company expanded its electric vehicle portfolio in South Asia with the launch of the TVS King EV MAX, a connected passenger electric three-wheeler, in Nepal on May 15, 2026. The launch took place at Birtamod and marks the entry of TVS Motor's electric three-wheeler portfolio into a new international geography. The company positions the TVS King EV MAX as a smart, sustainable, and future-ready urban mobility solution designed for last-mile connectivity.

Key Specifications at a Glance

The TVS King EV MAX is engineered for urban commuting, combining performance, comfort, and connectivity. The vehicle is powered by a high-performance 11 kW motor paired with a 51.2V lithium-ion LFP battery with a capacity of 9.2 kWh. It delivers a certified range of 179 kms on a single charge and supports fast charging—reaching 0–80% in just 2 hours and 15 minutes, and 100% charge in 3.5 hours. The following table summarizes the product's core technical specifications:

Parameter: Details Peak Power: 11 kW Battery Capacity: 9.2 kWh Range Per Charge: Certified range of 179 kms Acceleration (0–30 km/h): 3.7 seconds Top Speed: 60 km/h (ECO: 40 kmph; City: 50 kmph; Power: 60 kmph) Water Wading Capability: 500 mm Gradeability: 31% Lamp: LED Headlamp and Tail Lamp Warranty: 6 years / 150,000 km (whichever is earlier)

Smart Connectivity and Comfort Features

The TVS King EV MAX is equipped with TVS SmartXonnect™, enabling real-time navigation, alerts, and vehicle diagnostics through the rider's smartphone. The vehicle features a spacious cabin and ergonomic seating design to maximize passenger comfort during urban travel. Its three driving modes—ECO, City, and Power—offer flexibility to suit varying road and traffic conditions, with top speeds of 40 kmph, 50 kmph, and 60 kmph respectively.

Leadership Perspectives on the Nepal Launch

Mr. Peyman Kargar, President, International Business, TVS Motor Company, commented on the launch: "Guided by TVS Motor Company's vision of transforming lives through mobility solutions that are exciting, responsible, sustainable, and safe, we are proud to introduce our electric passenger three-wheeler TVS KING EV MAX in the Nepal market. This launch reinforces our commitment to delivering innovative and exciting products across international markets and marks the entry of our electric three-wheeler portfolio into a new geography."

Mr. Madhu Prakash Singh, Vice President, International Business, TVS Motor Company, added: "Nepal is an important market for us, with a strong leadership presence in passenger three-wheelers. The launch of the TVS King EV MAX marks a significant step in strengthening and expanding our product portfolio. Its compelling combination of long range, quick acceleration, top notch reliability and fast charging ensures high uptime — enabling more trips and greater earning potential for our customers."

Availability and Market Context

The TVS King EV MAX is currently available across select dealerships in Nepal and is expected to be rolled out across the full channel network by June 2026. Sales, service, and parts support will be provided through authorized distributor Jagdamba Motor Private Ltd's countrywide network. Nepal has emerged as one of the fastest-growing EV markets globally, with increasing adoption of electric three-wheelers driven by their lower operating costs and higher efficiency for urban and last-mile transportation.

About TVS Motor Company

TVS Motor Company is a reputed two and three-wheeler manufacturer globally, with four state-of-the-art manufacturing facilities in India and Indonesia. The company operates across 90 countries and is the only two-wheeler company to have won the prestigious Deming Prize. Its group company Norton Motorcycles is based in the United Kingdom, and its subsidiary TVS Ebike Company AG holds a leading position in the e-bike market in Switzerland.

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