Key Quantitative Figures

  • Total shares to be issued: 19,99,996 equity shares of face value ₹2 each
  • Issue price: ₹270 per share (₹268 premium + ₹2 face value)
  • Total consideration: ₹53,99,98,920
  • Acquisition target: 10,44,783 equity shares (100% stake) of Ultrafresh Modular Solutions Limited
  • Swap ratio: 1,91,427 EFC shares for every 1,00,000 Ultrafresh shares
  • Current paid-up capital: 14,79,46,162 shares
  • Post-issue capital: 14,99,46,158 shares

Dates of Action

  • Cut-off date for voting: August 14, 2026
  • E-voting commencement: August 19, 2026 at 9:00 AM IST
  • E-voting closure: September 17, 2026 at 5:00 PM IST
  • Result announcement: On or before September 21, 2026
  • Board meeting date: August 18, 2026
  • Share Acquisition Agreement date: August 13, 2026

Parties Involved

Acquirer: EFC (I) Limited

Target: Ultrafresh Modular Solutions Limited (CIN: U74899MH1992PLC456913)

Allottees:

1. TTK Prestige Limited - 10,20,038 shares (0.68% post-issue)

2. Dhruv Dinesh Trigunayat - 4,72,005 shares (0.31%)

3. Priya Trigunayat - 3,50,172 shares (0.23%)

4. D Sharma & Sons (HUF) - 47,857 shares (0.03%)

5. Rahul Mangilal Jain - 43,754 shares (0.03%)

6. Pranav Malhotra - 32,661 shares (0.02%)

7. Aruna Sharma - 14,367 shares (0.01%)

8. Nishi Sharma - 9,571 shares (0.01%)

9. Sonal Ravikumar Mehta - 9,571 shares (0.01%)

Service Providers:

  • MUFG Intime India Private Limited (RTA for e-voting)
  • Sachapara and Associates (Scrutinizer)
  • Rarever Financial Advisors (Merchant Banker)
  • Mukesh Kumar Jain (IBBI Registered Valuer)

Purpose and Rationale

The acquisition is a natural extension of EFC's existing furniture manufacturing and Design & Build businesses. Ultrafresh's modular kitchens, wardrobes and customized interior solutions complement EFC's product offerings. The acquisition will combine EFC's capabilities with Ultrafresh's dedicated design team and manufacturing facility at Nalagarh, Himachal Pradesh, providing strategic regional footprint and strengthening manufacturing/distribution capabilities.

Valuation Details

  • 90-day VWAP: ₹189.24 per share
  • 10-day VWAP: ₹183.90 per share
  • Floor price as per SEBI ICDR: ₹189.24 (higher of two VWAPs)
  • Final issue price: ₹270 per share (supported by valuation reports)
  • Valuation reports by: Mukesh Kumar Jain (IBBI Registered Valuer, Registration No. IBBI/RV/03/2019/12285)
  • Fairness opinion by: Rarever Financial Advisors (SEBI Reg. No. INM000013217)

Capital Structure Impact

  • Pre-issue promoter holding: 56.08% (8,29,67,825 shares)
  • Post-issue promoter holding: 55.33% (8,29,67,825 shares)
  • Dilution: 0.75% of post-issue capital
  • All allottees are non-promoters
  • No change in control of the company

Lock-in Requirements

Equity shares allotted to persons other than promoters/promoter group shall be locked-in for 6 months from date of trading approval as per SEBI ICDR Regulation 167.

Completion Timeline

The preferential allotment will be completed within 15 days from the later of: (i) date of shareholder approval, or (ii) receipt of last regulatory approval including BSE/NSE in-principle approval.

Voting Arrangements

  • Remote e-voting through MUFG Intime India platform
  • Physical ballot forms not being sent
  • Scrutinizer: Sachapara and Associates (Chirag Sachapara)
  • Results will be displayed on company website, RTA website, and communicated to stock exchanges

#Tags: #EFCLimited #UltrafreshAcquisition #SEBIRegulation30 #PreferentialIssue #M&A #Neutral