Tilaknagar Industries mulls Rs1 crore investment in ‘SWIGGER'; stock adds ~1%

28 Oct 2022 , 11:56 AM

Tilaknagar Industries informed that the finance committee of the company has considered and approved an investment not exceeding Rs1 crore in Incredible Spirits Private Limited (ISPL).

ISPL is currently working to develop a Ready-to-Drink (RTD) Alcoholic Shots drink called ‘SWIGGER’.

ISPL’s equity shares will be acquired for Rs1 crore. Tilaknagar Industries will own 19.50% of ISPL after investing in equity shares.

The company intends to complete the transaction within 4 months from the date of execution of the Share subscription and shareholders agreement.

Tilaknagar Industries will acquire 3,197 equity shares for Rs3,127.93 each, with a face value of Rs10 each.

ISPL is a new-age alcohol beverage company focused on creating innovative and disruptive alcohol products for the Indian market. ISPL’s founders have extensive experience in the alcobev sector for Fosters India and Carlsberg India. There is no turnover because ISPL’s products are still in the development stage.

At around 12.02 PM, Tilaknagar Industries was trading at Rs94.50 up by 0.69% from its previous closing of Rs93.85 on the BSE. The scrip opened at Rs94 and touched intraday high and low of Rs96.15 and Rs94 respectively.

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