Kajaria Ceramics’ Board has considered a non-binding Letter of Intent (LOI) received from Aravali Investment Holdings, Mauritius (Aravali), a wholly-owned subsidiary of WestBridge Crossover Fund, LLC, for making investment of Rs 64.50 crore in Kajaria Bathware (KBPL), a wholly-owned subsidiary (WOS) of the company through subscription of Compulsorily Convertible Preference Shares (CCPS) of KBPL.
Post issuance of the said CCPS, the existing shareholding of the company in KBPL will get diluted by 15% (i.e. shareholding of the company will be around 85% of post-issuance capital (on fully diluted basis) of KBPL).
Kajaria Ceramics is the largest ceramic floor and wall tile manufacturer in India. The company has an in-house research and development facility that focuses on developing new designs and creating cost effective products.