New Delhi, Dec 21 (PTI) Liquor maker Tilaknagar Industries Ltd on Tuesday said it has raised Rs 126 crore through preferential allotment of equity shares and convertible warrants to Lotus Family Trust and two promoter entities.
The company, one of the leading Indian-made foreign liquor (IMFL) manufacturers, has issued 1.19 crore equity shares at Rs 53 per equity share totalling Rs 63 crore to Lotus Family Trust, Tilaknagar Industries said in a statement.
Moreover, another 1.19 crore convertible warrants were issued to promoter group entities — Arunoday Investments Pvt Ltd and M L Dahanukar and Company Pvt Ltd — at Rs 53 per warrant, totalling Rs 63 crore, it added.
The company has also issued 27.8 lakh equity shares to Edelweiss Asset Reconstruction Company Trusts (EARC) on conversion of Rs 14.7 crore of balance debt into equity shares, the company said.
The preferential issue was approved by the shareholders at the Extraordinary General Meeting (EGM) held on November 27, 2021, it added.
Commenting on the fund raise, Tilaknagar Industries Chairman and Managing Director Amit Dahanukar said, “We are glad that the Lotus Family Trust strongly believes in our vision of becoming the fastest growing IMFL company.” The company is now looking forward to a higher business growth momentum, strong balance sheet and a stronger cash flow generation, he added.
The funds raised will be predominantly used as growth capital, augmenting working capital requirements and reducing a part of the company’s debt, the statement said.
“With the current fund infusion, we truly believe that not only can we maintain the growth of our flagship brands but also look at introducing new products across segments and geographies,” Dahanukar said. PTI RKL MR
