This is in line with the company's continuous endeavour to ensure prosperous and sustainable communities, TVS Motor Company said in a statement.
TVS Motor said it would close its manufacturing facilities and offices for two days starting from March 23.
The approval of the shareholders was sought by way of special resolution through a postal ballot.
"As planned, the company is on track to reducing dealer level BS-IV stock in the domestic market and is confident of retailing it this month," it said.
Morgan Stanley has an underweight call on the stock price and has a target of Rs 326 per share amid electrification and emission headwinds adding that valuations relative to its peers remain high.
The electric scooter is presently launched in Bengaluru across 10 dealerships.
"The scooter has become an immediate favourite and we are sure the Race Edition will satisfy the customers seeking an element of thrill and wanting more from the scooter," he said.
It looks like Small & midcap stocks have joined the party on D-Street and some of the smart money has started moving in this space especially in the ones which were beaten down, suggest experts.
The firm sees further threats from higher cost increase while the risk reward looks unattractive. Electrification is also a key long term threat to its scooter franchise, it added.
Venu Srinivasan believes that the corporate tax rate cut could boost the economy.
The company, which primarily makes two-wheelers and three-wheelers, had sold 3,43,217 units in the same month last year.
Total two-wheeler sales during the month stood at 2,65,679 units as against 3,07,856 units in July 2018, down 13.7 percent.
Arihant Capital recommended hold rating on TVS Motor with a target price of Rs 399 in its research report dated July 23, 2019.