India, Nov. 6 -- Auto major TVS Motor today said that it has signed share purchase agreements with Accel and Prosus to sell its stake worth INR 287.9 Cr in ride-hailing unicorn Rapido.

In a filing with the exchanges, TVS Motor said that it will sell 11,997 Series D compulsory convertible preference shares (CCPS) of Rapido to Accel India VIII (Mauritius) Limited for a consideration of INR 143.96 Cr. Additionally, it will divest another 11,998 Series D CCPS and ten equity shares to Prosus subsidiary, MIH Investments, for a sum of INR 144.97 Cr.

The auto maker said that the deal, which aims to "monetise" its investment in Rapido, will be subject to regulatory approvals obtained by the two acquirers.

". This is to inform you that TVS Motor...