TVS Motor has reportedly acquired a minority stake in Bengaluru-based electric two-wheeler and energy infrastructure start-up Ultraviolette Automotive. The company has bought 14.78 per cent stake, or 6,750 equity shares of Rs 10 each for Rs 7,409 a share. The total cost of acquisition would be around Rs 50 million.

The investment comes in line with the automaker's efforts to bring in clean energy technology to substitute traditional fuels amid growing concerns over depleting environmental health.

Shares of the company gained Rs 19.15, or 2.61%, to trade at Rs 753.25. The total volume of shares traded was 23,934 at the BSE (9.59 a.m., Friday).