Kajaria Ceramics advances on planning to dilute 15% stake in Kajaria Bathware

30 Apr 2018

Kajaria Ceramics is currently trading at Rs. 548.30, up by 2.50 points or 0.46% from its previous closing of Rs. 545.80 on the BSE.

The scrip opened at Rs. 550.00 and has touched a high and low of Rs. 556.20 and Rs. 543.90 respectively. So far 58,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 787.55 on 10-May-2017 and a 52 week low of Rs. 535.00 on 20-Mar-2018.

Last one week high and low of the scrip stood at Rs. 572.00 and Rs. 540.15 respectively. The current market cap of the company is Rs. 8,715.24 crore.

The promoters holding in the company stood at 47.58%, while Institutions and Non-Institutions held 37.30% and 15.12% respectively.

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.

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