V-Guard Industries will hold a meeting of the Board of Directors of the Company on 2 February 2023.

Powered by Capital Market - Live News

V-Guard Industries has allotted 3,24,359 nos. equity shares having face value of Re. 1/- each to employees who have exercised stock options under Employee Stock Option Scheme of the Company ESOS 2013.

Powered by Capital Market - Live News

V-Guard Industries has received reaffirmation in credit ratings from ICRA as under:

• Re-affirmed the Long-term credit rating for Rs 675 crore Line of Credit of the Company as [ICRA] AA
• The outlook on the Long-term rating remains Stable
• Re-affirmed the short-term rating for the Rs 675 crore Line of Credit as [ICRA]A1 +

Powered by Capital Market - Live News

The said acquisition is subject to closing adjustments. The transaction is expected to close by mid of January 2023.

Sun flame Enterprises is one of the leading players in the kitchen appliances space in India. The company offers a wide product portfolio including cooktops, chimneys, pressure cooker, mixer grinder and small kitchen appliances that caters to every consumer segment. SEPL recorded a revenue of Rs 349.8 crore in FY22.

The company said that the acquisition is in line with its strategy to become a significant player in the domestic kitchen appliances segment. The Sunflame brand has a pan India presence with a strong brand recall.

SEPL's wide portfolio, product development capabilities and the recently established integrated manufacturing facility provide the perfect opportunity for V-Guard to scale up its kitchen appliances business while also unlocking synergy benefits. The transaction would be funded through a mix of internal accruals and debt, V-Guard stated.

Mithun Chittilappilly, managing director of V-Guard, said, The proposed acquisition is a key milestone in V-Guard's journey to have deeper engagement with its consumers by providing thoughtful products and experiences. Sunflame is an iconic brand etched in the memories of Indian households and is expected to provide significant thrust to V-Guard's plans to become a leading Indian Kitchen Appliances player. We appreciate the trust reposed by SEPL's Promoter family in us to take the Sunflame brand to greater heights.

V. Ramachandran, COO of V-Guard, said, SEPL acquisition is a synergistic fit, and offers multiple levers for unlocking significant synergies in areas like geography, product portfolio and channels. We believe that this deal is value accretive for the shareholders of V-Guard and would catapult the Company into league of frontline Kitchen Appliances players in the country.

V-Guard Industries is a consumer electrical and electronics major based in Kochi. The company has established a strong brand name and aggressively diversified into a multi-product company with a portfolio including voltage stabilizers, inverter & inverter batteries, electric water heaters, solar water heaters, pumps & motors, domestic switchgears, wires & cables, fans, modular switches, air coolers and kitchen appliances.

The company's consolidated net profit declined 26.41% to Rs 43.66 crore despite an 8.68% rise in sales to Rs 986.14 crore in Q2 FY23 over Q2 FY22.

Shares of V-Guard Industries rose 0.56% to Rs 261.45 on the BSE.

Powered by Capital Market - Live News