Chethu,
> Can u please tell me what the use of transmitter FIFO in this controller when there is no interrupt
> can be subscribed for it(only for TXREADY the interrupt can be subscribed).
Usually (I am not familiar with details of MCF52259 UART), UART without Tx FIFO has the shift Tx register and the hold Tx register. When all the bits (except the stop bit) are shifted to the Tx line, content (if the hold register isn't empty) of the hold register is moved to the shift register.
Usually, status bit TXREADY shows empty state of the Tx hold register. Thus, the UART ISR can load the next byte after TXREADY bit (and the related interrupt request) is raised by the UART hardware. Moving the hold register content to the shift register will raise TXREADY bit again.