Danlaw Technologies Acquired TTPL
Danlaw Technologies India Limited acquired 100% shareholding of Titan Time Products Limited (TTPL), a subsidiary of Titan Company Limited through a Share Purchase Agreement signed and consequently, TTPL has become a wholly owned subsidiary of the company.
| Name of the target entity details in brief such as size, turnover etc | Titan Time products Limited Networth as on 31/03/2018- Rs. 18.25 crores Turnover for the period ended 31/ 03/2018- Rs. 39.89 crores |
| Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arm's length". | The acquisition will not fall within related party transactions. The promoter/promoter group/group companies do not have any interest in the entity being acquired. |
| Industry to which the entity being acquired belongs | Electronic Manufacturing Services (EMS) |
| objects and effects of acquisition (including but not limited to, the disclosure of · reasons for the acquisition of target entity, if its business is outside the main line of business of the listed entity) | Towards the backward integration of having a manufacturing base for our own designed products and consequent strengthening of our offering to customers. |
| brief details of any governmental or regulatory approvals required for the acquisition | None |
| the indicative time period for completion of the acquisition | 18th June 2018 |
| nature of consideration -whether cash consideration or share swap and details of the same | Cash Consideration |
| cost of acquisition or the price at which the shares are acquired | Rs. 18.50 crores |
| Percentage of shareholding I control acquired and I or number of share acquired | 100% |
| brief background about the entity acquired in terms of products/ line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief) | Products/Line of Business: Electronic Manufacturing Services Date of Incorporation: 31/07 / 1991 The country in which the company has a presence: India Turnover for the last three years: FY 2015-16: Rs. 28.85 crores FY 2016-17: Rs. 37.21 crores FY 2017-18: Rs.39.89 crores |
