TTK Prestige : Memorandum of Understanding/Agreements
February 07, 2022 at 07:50 am EST
Share
February 7, 2022
National Stock Exchange
BSE Limited
"Exchange Plaza", C-1, Block G,
27th Floor, Phiroze Jeejeebhoy Towers,
Bandra- Kurla Complex, Bandra (E),
Dalal Street, Fort,
Mumbai - 400 051.
Mumbai - 400 001.
Scrip Symbol: TTKPRESTIG
Scrip Code: 517506
Dear Sir/Madam,
Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 - Update on strategic investment in
Ultrafresh Modular Solutions Limited
Further to our intimation under Regulation 30 of SEBI (LODR) Regulations 2015 on entering into agreement for making strategic investment in Ultrafresh Modular Solutions Limited (Ultrafresh) engaged in the business of Modular Kitchens and Kitchen Appliances, we wish to provide the following updates with respect to this matter.
The conditions precedent for closing having been satisfied within the mutually agreed extended longstop date of 15th February 2022, TTK Prestige Limited (Company) has invested a sum of Rs 20.01 Crores in the Equity Shares of the Company through primary and secondary acquisitions
The investment has been made in fully and partly paid-up equity shares.
With the transfer/allotment of the said shares, the Company will hold 40.9% of the voting rights in Ultrafresh
Further investments will be made by the Company in due course, to increase its stake up to 51%, as and when the funds required by Ultrafresh are released by the Company based on the progress of the Business Plan as per agreements.
You are requested to please take the above on record
Thanking you,
Yours faithfully,
For TTK Prestige Limited,
K. Shankaran
Wholetime Director & Secretary
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TTK Prestige Ltd. published this content on 07 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2022 12:49:02 UTC.
TTK Prestige Limited is an India-based company, which is primarily engaged in the business of kitchen and home appliances. The Company's product categories include pressure cooker, cookware, cooktops, kitchen appliances, mixer grinder, gas stove and others. Its home solutions include gravity water purifier, electric water purifier, copper water dispenser, copper bottles, bottles, flasks, cleaning tools, ladders and others. It offers Flip-On Cooker, Durastone Fry Pan, Svachh Neo Gas Stove, Endura Mixer Grinder, IoT Kettle and others. The Company's subsidiaries include TTK British Holdings Limited and Horwood Homewares Limited.