EFC (I) Limited has commenced the remote e-voting process to seek shareholder approval for the acquisition of a 100% stake in Ultrafresh Modular Solutions Limited. The Board of Directors sanctioned the deal on August 18, 2026, valuing the target entity at ₹53.99 crore. The consideration will be discharged entirely through a share swap mechanism, involving the issuance of up to 19,85,996 equity shares of EFC (I). The company completed the electronic dispatch of the Postal Ballot Notice along with the Explanatory Statement on Tuesday, August 18, 2026.

Ultrafresh, currently a 51% subsidiary of TTK Prestige Limited, is an established player in India's modular furniture market. Incorporated on December 3, 1992, it offers integrated design, manufacturing, and installation services for modular kitchens and wardrobes. The company reported a turnover of ₹36.32 crore in FY26, up from ₹32.49 crore in FY25 and ₹31.20 crore in FY24. The acquisition aligns with EFC (I)'s existing furniture manufacturing and Design & Build operations, aiming to leverage Ultrafresh's brand presence and its manufacturing facility in Nalagarh, Himachal Pradesh.

Transaction structure

The deal is structured as a non-related party transaction conducted at arm's length. None of EFC (I)'s promoters or group companies hold any interest in Ultrafresh. The valuation was determined by IBBI Registered Valuer Mukesh Kumar Jain, supported by a fairness opinion from Rarever Financial Advisors and an independent fair valuation by Deloitte Touche Tohmatsu India LLP.

The proposed allottees include TTK Prestige Limited alongside individual shareholders such as Dhruv Dinesh Trigonayat, Priya Trigonayat, D Sharma & Sons (HUF), Rahul Mangilal Jain, Pranav Malhotra, Aruna Sharma, Nishi Sharma, and Sonal Ravikumar Mehta. All proposed allottees are categorised as non-promoters. The transaction does not require specific governmental regulatory approvals but is subject to shareholder consent.

Regulatory compliance and next steps

The board has decided to conduct a postal ballot to seek shareholder approval for the preferential issue. The company aims to complete the allotment within 15 days of passing the shareholders' resolution, with the entire acquisition expected to close by October 31, 2026. The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The trading window for designated persons remains closed from August 13, 2026, and will reopen only after 48 hours following the publication of the board meeting outcome.

Voting schedule

Shareholders holding shares as of the cut-off date of August 14, 2026, are eligible to vote. The company has engaged MUFG Intime India Private Limited to provide remote e-voting facilities. Physical ballot forms will not be sent; voting must be cast electronically.

The resolutions, if approved, shall be deemed passed on the last date of e-voting. M/s. Sachapara and Associates has been appointed as the scrutinizer for the process.

What the numbers show

Ultrafresh demonstrates consistent revenue growth, with turnover increasing from ₹31.20 crore in FY24 to ₹36.32 crore in FY26. This expansion underscores the growing demand for organised, factory-manufactured home interior products in India, validating EFC (I)'s strategic move to integrate these capabilities into its existing portfolio.

EFC (I) Limited has expanded its managed office portfolio in Pune by securing a long-term lease for an entire A+ category building at Koregaon Park Annex. The company took on lease the full structure, comprising 95,897 sq ft, under a 5-year agreement that carries a revenue potential of more than ₹70 crore.

The new facility is expected to add 2,000+ seats to EFC’s managed office seat portfolio. By controlling the entire building, the company aims to optimize space utilization, branding, and customer experience while strengthening its operational efficiency in its home market.

Expansion Details

Strategic Context

Umesh Sahay, Chairman & Managing Director of EFC (I) Limited, stated that complete control over the premises enables consistent workplace experiences and greater flexibility in configuring spaces for evolving customer requirements. He noted that this expansion follows the recent acquisition of Ultrafresh, which strengthens the company’s Furniture Manufacturing and Design & Build capabilities.

Sahay emphasized that all three core verticals — Managed Office Spaces, Design & Build, and Furniture Manufacturing — are scaling together. This integrated approach is intended to strengthen EFC’s Real Estate as a Service (REaaS) platform and create opportunities for long-term growth.

What the Numbers Show

The lease agreement implies a minimum average annual revenue realization of approximately ₹14 crore based on the disclosed total revenue potential of more than ₹70 crore over the five-year term. This figure represents the baseline financial commitment from the asset, excluding potential upside from higher occupancy rates or ancillary services within the managed office model.