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| Exchange Received Time 28/04/2018 18:15:02 Exchange Disseminated Time 28/04/2018 18:15:06 Time Taken 00:00:04 | We wish to inform you that the Board of Directors of Kajaria Ceramics Limited ('the Company') has, through a resolution by circulation, considered a non-binding Letter of Intent ('LOI') received from Aravali Investment Holdings, Mauritius ('Aravali'), a wholly-owned subsidiary of WestBridge Crossover Fund, LLC, for making investment of INR 64.50 crores in Kajaria Bathware Private Limited ('KBPL'), a wholly-owned subsidiary of the Company through subscription of Compulsorily Convertible Preference Shares' ('CCPS') of KBPL.
Post issuance of the said CCPS, the existing shareholding of the Company in KBPL will get diluted by 15% [i.e. shareholding of the Company will be around 85% of post-issuance capital (on fully diluted basis) of KBPL].
The investment is subject to execution of necessary agreements/documents and applicable compliances.
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