TTK Prestige shares rallied as much as 10.29 per cent on Tuesday after its wholly owned subsidiary TTK British Holdings has acquired 100 per cent of the equity shares of Silampos UK.
TTK Prestige shares rallied as much as 10.29 per cent on Tuesday after its wholly owned subsidiary TTK British Holdings has acquired 100 per cent of the equity shares of Silampos UK. Through this transaction, the TTK Prestige acquired 100 per cent of the equity and business of Horwood Homewares (Horwood), a subsidiary of Silampos UK.
At 1.20 pm, shares of TTK Prestige were trading 5.40 per cent up at Rs 4,587 on NSE. The scrip opened at Rs 4,533 and has touched a high and low of Rs 4,800 and Rs 4,533 respectively, in trade so far. Later, the share price of the company settled 3.86 per cent up at Rs 4527.15.
Silampos UK is one of the largest table and cookware suppliers in the UK. It is a leading brand owner and distributor of international brands supplying over 2,000 table and cookware products across key European markets.
The TTK group firm in a release said that the target is of the size of 18 million pounds (Rs 170 crore) with a double digit EBIDTA margins. This business offers potential for a long-term global presence for TTK Prestige in UK and Europe through its susidiary. The consolidated financials are expected to result in superior turnover, profits and ROCE.
KPMG Corporate Finance acted as the exclusive transaction advisor to TTK Prestige and Temple Bright LLP was the legal advisors. Inga Capital provided valuation advisory to TTK Prestige. Smith & Williamson Corporate Finance acted as lead advisors to Horwood, with Ashfords LLP acting as legal advisors.
TTK Prestige is India’s largest kitchen appliances company and is one of the Top 500 listed entities in India with a market cap of half-a-billion GBP. TTK Prestige has 10 factories, 23 warehouses, multiple Innovation Centres and caters to 50,000 retailers across India. The company has an international presence through OE supplies to UK, Europe, USA, Middle East, Africa, South East, Asia, Australia and New Zealand.
(With inputs from Accord Fintech)