Ttk Prestige Limited NSE:TTKPRESTIG

TTK Prestige : Memorandum of Understanding/Agreements

Published

Source: MarketScreener

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.

  1. 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
  2. The investment has been made in fully and partly paid-up equity shares.
  3. With the transfer/allotment of the said shares, the Company will hold 40.9% of the voting rights in Ultrafresh
  4. 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