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Jain's extensive experience with leading alco-bev companies will be a key driver of TI's growth at a time when the company is gearing up to expand its presence in the whisky segment across the country, with the impending acquisition of Imperial Blue Whisky from Pernod Ricard India. An independent sales vertical has been created at TI to establish the company's leadership in the whisky category that accounts for nearly 65 per cent of the IMFL market in India. Traditionally, TI has been a leading brandy maker dominating in prominent IMFL markets in South India such as Andhra Pradesh, Telangana, Karnataka, Puducherry and Kerala, amongst others.
Saraswati Commercial (India) has been allotted 7,00,000 convertible warrants convertible into 7,00,000 equity shares of Rs. 10/- each fully paid-up, at a price of Rs. 382/- per warrant, through allotment under the preferential issue of Tilaknagar Industries.
Further, as per the terms of the preferential issue, the Company has paid the 25% of the total value of 7,00,000 convertible warrants, amounting to Rs. 6,68,50,000/-. The balance payment of 75% towards the convertible warrants will be made by the Company at the time of allotment of equity shares pursuant to exercise of the options against each such warrant. Upon payment, the Company will be allotted 7,00,000 equity shares of Tilaknagar Industries in the ratio of 1 equity share for each warrant.