Monitoring Agency report issued by CARE Ratings Limited for the quarter ended December 31, 2025.
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TCC Concept Limited has completed the acquisition of approximately 98.81% stake in Pepperfry Limited through a share-swap preferential issue worth Rs. 661.47 crore. The company allotted 1,18,55,553 equity shares at Rs. 557.94 per share to Pepperfry shareholders in lieu of cash consideration. CARE Ratings, acting as the Monitoring Agency, confirmed there is no deviation from the stated objects and that the entire issue proceeds have been utilized for the acquisition, which was completed by December 11, 2025 — within the stipulated timeline. One Pepperfry shareholder holding 65,516 shares did not participate, leading to 7 fewer TCC shares being allotted (an immaterial difference of Rs. 3,905.61).
The Pepperfry acquisition is fully executed, making it a subsidiary of TCC Concept. Since this was a share swap with no cash outflow, existing shareholders gain exposure to Pepperfry's business without a cash-based fundraise. The clean Monitoring Agency report with no deviations signals orderly execution of the deal.