KDDL has received approval to invest upto Rs 6 crore in the equity shares of Ethos, a subsidiary of the Company by way of Preferential Allotment at a price of Rs 292 per equity share including a premium of Rs 282 per share (face value of Rs 10 each).
Post the above investment, consolidated shareholding of KDDL (directly and indirectly through its subsidiary, Mahen Distribution) in Ethos will increase from 73.31% to 73.56% on a fully diluted basis. The Board of Directors of the Company at its meeting held on July 13, 2019 has approved the same.
KDDL is a diverse company focusing on luxury Retail Watches and precision Engineering. It has established India’s largest retail chain for premium and luxury watches- Ethos and SUMMIT.