Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Shares of TTK Prestige were up 0.22% at Rs 10685.05. TTK Prestige manufactures kitchen appliances and cookware, under the Prestige brand. In October, the company's board approved 10-for-1 stock split.
TTK Prestige rose 2.19% to Rs 9859.55 after the company's consolidated net profit rose 58.21% to Rs 103.53 crore on 34.86% increase in net sales to Rs 858.55 crore in Q2 September 2021 over Q2 September 2020.
The acquisition will complete by 31 January 2022. Initially, TTK Prestige will hold around 40% of the equity and after completion of the investment, will hold 51% of the equity of Ultrafresh. The acquisition is for a cash consideration of approximately Rs 30 crore to be released in stages eventually leading to 51% equity shareholding of Ultrafresh Modular Solutions. It is expected to serve the long-term vision and growth of TTK Prestige," the company said in a statement. Thus this investment has significant synergies with that of the business of TTK Prestige.
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"Branded modular kitchen is gaining ground with a fast expanding home construction industry and the aspirations of consumers to upgrade their kitchens. UK Prestige will be able to leverage the network of Ultrafresh and enhance the reach of Prestige products in many new households. Ultrafresh will be able to leverage the expertise of UK Prestige while aggressively growing the modular kitchen business of various kitchen accessories.