Intimation under regulation 30 read with Schedule III Part A Para A(1) of SEBI LODR Regulations, 2015- Acquisition
ZSARACOM · price
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Saraswati Commercial (India) Ltd, an NBFC, has agreed to subscribe to 7,00,000 convertible warrants of Tilaknagar Industries Ltd at Rs. 382 per warrant (face value Rs. 10 each), for a total cost of Rs. 26.74 crore. Each warrant can be converted into one equity share within 18 months from allotment, with 25% payable upfront and 75% at the time of share conversion. Tilaknagar Industries, the target entity, is an IMFL (Indian Made Foreign Liquor) company in the breweries & distilleries space with FY25 turnover of Rs. 3,174.61 crore and net worth of Rs. 882.25 crore. Saraswati is making this investment as a financial investor in its normal course of business, and the deal is not a related party transaction. The acquisition is subject to shareholder and stock exchange approvals for Tilaknagar's preferential issue.
This is a strategic financial investment by the NBFC into a listed liquor major. While the deal size (Rs. 26.74 crore) is modest relative to Tilaknagar's market cap, it signals Saraswati's confidence in Tilaknagar's growth. For Saraswati shareholders, this is an investment activity, not an operational shift, and the impact on stock price is likely limited.