Date: October 1, 2026
Acquisition Details
Target Entity: Ultrafresh Modular Solutions Limited (Ultrafresh)
Type of Deal: 100% acquisition through share swap arrangement
Stake/Capacity: 100% equity stake acquired on fully-diluted basis. The company acquired 10,44,783 equity shares representing 100% of the issued and paid-up capital of Ultrafresh.
Deal Value: ₹53,99,98,920 (Rupees Fifty-Three Crore Ninety-Nine Lakh Ninety-Eight Thousand Nine Hundred and Twenty) for 100% stake
Funding Source: Share swap - The Company issued 19,99,996 (Nineteen Lakh Ninety-Nine Thousand Nine Hundred and Ninety-Six) Equity Shares under the Share Swap Agreement in consideration for equity shares of Ultrafresh.
Financial Impact:
- Ultrafresh's historical turnover: FY 2025-26 – ₹36.32 crore, FY 2024-25 – ₹32.49 crore, FY 2023-24 – ₹31.20 crore
- The acquisition is expected to create operational and business synergies, broaden product offerings, enhance manufacturing and distribution capabilities
Timeline: The acquisition of 100% stake on fully diluted basis of Ultrafresh is completed as of October 1, 2026
Strategic Rationale:
- Strengthen and further scale the Company's existing furniture manufacturing and Design & Built solutions business
- Ultrafresh offers modular kitchens, wardrobes and customized modular furniture with integrated approach encompassing design, manufacturing, supply and installation
- Leverage existing manufacturing capabilities, supply-chain infrastructure and design expertise
- Integrate Ultrafresh's product portfolio, brand, design capabilities, market presence, and factory strategic presence in North India (manufacturing plant at Nalagarh, Himachal Pradesh)
- Access to growing demand for organised, factory-manufactured and professionally installed home interior products in India
- Strategic extension of furniture manufacturing and interior solutions vertical with objective of achieving greater scale, integration and long-term value creation
Approval Status: All requisite approvals received including In-principal Approval of BSE Limited and National Stock Exchange of India Limited for Preferential Issue and approval of the members of the company
Additional Information:
- Ultrafresh was previously a 51% subsidiary of TTK Prestige Limited
- The acquisition does not fall under related party transaction
- None of promoter/promoter group/group companies had any interest in Ultrafresh
- Transaction executed at arm's length
- Industry classification: Modular Furniture Solutions
Reference Regulation: SEBI Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015