TTK Prestige soars 10% intraday on deal with UK-based kitchenware firm

Shares of TTK Prestige on Tuesday surged over 10 per cent intraday after the company said it will acquire a UK- based kitchenware firm for an undisclosed sum.

At the BSE, the stock settled the day 3.86 per cent higher to Rs 4,527.15.

The company's UK-based wholly-owned subsidiary TTK British Holding has entered into an agreement for acquisition of the target company, TTK Prestige had informed BSE yesterday.

"The target is a branded player with a century-old existence. The name of brand involved will be shared on completion of the deal," it said.

TTK Prestige further said: "The target has experienced marketing, sales and distribution strength. The target does not have any manufacturing base but outsource all of its requirement from third party manufacturers."

The TTK group firm said the target is of the size of 18 million pounds (Rs 170 crore) with a double digit ebidta margins.