Tilaknagar Industries rises on getting nod to invest Rs 8.03 crore in Round the Cocktails
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Tilaknagar Industries is currently trading at Rs. 305.20, up by 2.20 points or 0.73% from its previous closing of Rs. 303.00 on the BSE.
The scrip opened at Rs. 312.00 and has touched a high and low of Rs. 326.95 and Rs. 304.25 respectively. So far 288007 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 329.90 on 13-Sep-2024 and a 52 week low of Rs. 176.80 on 25-Oct-2023.
Last one week high and low of the scrip stood at Rs. 329.90 and Rs. 301.30 respectively. The current market cap of the company is Rs. 5993.22 crore.
The promoters holding in the company stood at 40.17%, while Institutions and Non-Institutions held 12.04% and 47.79% respectively.
Tilaknagar Industries has received an approval for an investment of Rs 8.03 crore in Round the Cocktails (Bartisans). The Finance Committee of the Board of Directors at its Meeting held on September 19, 2024, has considered and approved the same.
Further, the company has entered into three agreements dated September 19, 2024: Share Subscription Agreement with Bartisans and their Promoters; Share Purchase Agreement with Bartisans and their Promoters and Early Investors and; Shareholders’ Agreement with Bartisans and their Promoters.
The company shall invest Rs 8.03 crore by subscribing to 2,352 Compulsory Convertible Preference Shares (CCPS) and 1 equity share of Bartisans equivalent to 13.52% of share capital on a fully diluted basis for Rs 3 crore; and purchasing from existing shareholders, 163 equity shares and 3,781 CCPS of Bartisans equivalent to 22.65% of share capital on a fully diluted basis for Rs 5.03 crore. In aggregate, the company will own 36.17% of the share capital of Bartisans on a fully diluted basis, post this investment.
With this investment, the company aims to participate in the burgeoning cocktail culture in India. Additionally, the company also sees strong synergies with Bartisans for developing cocktail mixers, which will complement its portfolio of brandy and IMFL brands.
Tilaknagar Industries is a leading manufacturer of liquor across the major categories - Whisky, Brandy, Rum, Vodka and Gin. The company has a leading market position in the southern and western parts of India.
