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2013-06-04

Mauritius-based Cartica Capital to take stake in TTK Prestige

TTK Prestige Limited, kitchen appliance major will, subject to approval of shareholders and applicable regulatory clearances, issue on a preferential basis, 3,00,000 equity shares of Rs 10 each at a premium of Rs 3,540 per share to Cartica Capital Ltd, a

TTK Prestige Limited, kitchen appliance major will, subject to approval of shareholders and applicable regulatory clearances, issue on a preferential basis, 3,00,000 equity shares of Rs 10 each at a premium of Rs 3,540 per share to Cartica Capital Ltd, a Mauritius domiciled  entity, the company said in a press release.

This price is at a premium to the two week average market price preceding the relevant date as prescribed under the SEBI Regulations.

About Rs 106.50 crores raised from this preferential allotment will be used for general corporate purposes including retirement of debt.

The release said that 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% of TTK Prestige, while the promoters will own about 70%.

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