TTK Prestige gains on fund raising plan

The announcement was made after market hours on Tuesday, 4 June 2013.

Meanwhile, the S&P BSE Sensex was down 36.94 points or 0.19% at 19,508.84.

On BSE, 644 shares were traded in the counter as against average daily volume of 40,913 shares in the past two weeks.

The stock hit a high of Rs 3,555 and a low of Rs 3,476 so far during the day.

TTK Prestige said that Mauritius-based fund Cartica will be issued 3 lakh equity shares of the company of face value of Rs 10 each at a premium of Rs 3,540 per share. About Rs 106.50 crore raised from this preferential allotment will be used for general corporate purposes, including retiring of debt, the company said. The increased capital base will enable TTK Prestige to pursue opportunities for further growth, both organic and inorganic, with minimum leverage, said the release. Together with 3.5 lakh shares acquired from promoters at the same price, Cartica will own a 5.6% stake, while the promoters will hold 70% in TTK, the company said. As on 31 March 2013, the promoters held 74.96% stake in TTK Prestige.

Cartica is a global emerging markets fund manager established in 2008. Cartica manages a concentrated, long-only portfolio of equity investments in publicly-traded companies across the emerging markets.

TTK Prestige's net profit surged 42% to Rs 28.03 crore on 21.8% growth in net sales to Rs 283.27 crore in Q4 March 2013 over Q4 March 2012.

TTK Prestige makes kitchen appliances under 'Prestige' brand.

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