Business

Tube Investments to make a foray into retailing

CHENNAI: Tube Investments of India, a Murugappa Group company, is gearing up to enter speciality retail business and make a foray into E-bikes.

This decision was decided at a board meeting on Wednesday. The decision, however, will have to be approved by the shareholders of the company.

In a notification to the Bombay Stock Exchange (BSE), the company said it was toying with the idea of establishing a retail network for dealing in sports, adventure, fitness, leisure products and accessories along bicycles. It also informed the BSE of its intention to make a foray into E-bikes, comprising electrically-powered scooters, motorcycles and cycles.

The company is planning to seek the approval of the shareholders for amending the object clause of the Memorandum of Association of the Company to facilitate the entry into retail business and E-bikes. The company is also planning to offer its employees 600,120 options. Each option, when exercised, would result in one equity share of Rs. 2 each. The exercise price will be Rs. 62.85, being the closing price of the equity shares of the company on October 30, 2007, on the National Stock Exchange. The move to grant options to its employees was approved by the nomination committee of the company at a meeting held on Wednesday.

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