TTK Prestige, a leading player in the kitchen appliance segment, will issue on a preferential basis, three lakh equity shares of Rs.10 each at a premium of Rs. 3,540 per share to Cartica Capital, a Mauritius domiciled entity. This price is at a premium to the two week average market price preceding the relevant date as prescribed under the SEBI Regulations, the company said in a release. About Rs.106.50 crore raised from this preferential allotment will be used for general corporate purposes, including retirement of debt The increased capital base, reserves and liquidity, as a result of free cash flows being generated by the company, will enable TTK Prestige to pursue opportunities for further growth, both organic and inorganic, with minimum leverage.
Together with 3,50,000 shares acquired from the promoters at the same price, Cartica will hold 5.6 per cent of TTK Prestige, while the promoters will own about 70 per cent.
Cartica is a global emerging markets fund manager established in 2008, and manages a concentrated, long-only portfolio of equity investments in publicly-traded companies across the emerging markets.
