Tilaknagar Industries has entered into a Share Subscription and Investment Agreement with Spaceman Spirits Lab (SSL) and its founders to invest Rs 13.15 crore in SSL through 3 tranches over an 18 month period by subscribing to 2,546 Equity Shares and 16,890 Compulsory Convertible Preference Shares (CCPS).
Earlier, the Company had executed a Share Subscription and Investment Agreement on March 27, 2023, against which the Company had subscribed to 6,636 Equity Shares and 7,374 CCPS of SSL equivalent to 10% of share capital on a fully diluted basis for Rs 9.75 crore. The total shareholding percentage of the Company in SSL after the proposed investment shall stand increased to 20.02% (on a fully diluted basis).
With this investment, the Company aims to strengthen its presence in the premium craft segment with an Indian provenance which has been witnessing good traction amongst consumers in India and abroad. Pursuant to this Agreement, the Company will also start selling SSL brands in certain states in India and abroad.
Tilaknagar Industries is a leading manufacturer of liquor across the major categories - Whisky, Brandy, Rum, Vodka and Gin. The company has a leading market position in the southern and western parts of India.
| Company Name | CMP |
|---|---|
| United Spirits | 1319.80 |
| United Breweries | 1341.65 |
| Radico Khaitan | 3769.10 |
| Allied Blenders&Dist | 630.55 |
| India Glycols | 955.90 |
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