EFC (I) Limited completed the acquisition of a 100% equity stake in Ultrafresh Modular Solutions Limited on October 1, 2026. The transaction was executed through a share swap, resulting in Ultrafresh becoming a wholly owned subsidiary of EFC (I).

The deal was finalized pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. As consideration, EFC (I) issued 19,99,996 Equity Shares under the Share Swap Agreement. The total cost of acquisition for the 100% stake on a fully diluted basis stands at ₹53.99 crore.

Strategic rationale and synergies

The acquisition is intended to strengthen and scale EFC (I)'s existing furniture manufacturing and Design & Build solutions business. Ultrafresh is an established player in India's modular home solutions segment, offering modular kitchens, wardrobes, and customized furniture. Its product portfolio is complementary to EFC (I)'s operations.

By integrating Ultrafresh's brand, design capabilities, and market presence, EFC (I) aims to leverage its own manufacturing and supply-chain infrastructure. A key strategic benefit includes gaining access to Ultrafresh's factory in Nalagarh, Himachal Pradesh, which provides a strategic presence in North India. The company expects this integration to create operational synergies and broaden access to the organized modular solutions market.

Financial details of the transaction

The transaction does not fall under related party transactions, as no promoter or group companies hold an interest in Ultrafresh. The deal has been executed at arm's length. All requisite approvals, including in-principal approval from BSE and NSE for the preferential issue and member approval, have been received.

Ultrafresh business profile

Ultrafresh, incorporated in 1992, operates in the modular furniture sector. The company follows an integrated approach encompassing design, manufacturing, supply, and installation. Its turnover has shown consistent growth over the last three fiscal years.

What the Numbers Show

The acquisition price of ₹53.99 crore represents approximately 1.5 times Ultrafresh's FY26 turnover of ₹36.32 crore. This valuation multiple suggests EFC (I) is paying a premium for market access and brand equity rather than just current revenue generation. The share swap structure allows EFC (I) to preserve cash reserves while aligning the interests of former Ultrafresh shareholders with the combined entity's future performance.

TTK Prestige has scheduled a board meeting on November 6 to review its Q2 financial results.

Board meeting details

The company has formally announced the date for its quarterly results review. The board will convene on November 6 to take up the Q2 financial performance for consideration.

The scheduled board meeting marks a key corporate calendar event for TTK Prestige, as the company prepares to present its quarterly financial performance to stakeholders.