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