Tilaknagar Industries Ltd announced today a follow-on investment of ₹13.15 crores in Spaceman Spirits Lab Private Limited (SSL), the company behind premium Indian craft gin Samsara and craft rum Sitara. The investment, approved by Tilaknagar’s Finance Committee, will be made across three tranches over 18 months, increasing Tilaknagar’s stake in SSL to 20.02% on a fully diluted basis.
The shares of Tilaknagar Industries Ltd were trading at ₹304.80 up by ₹5.40 or 1.80 per cent on the NSE today at 9.50 am.
The deal involves Tilaknagar subscribing to 2,546 equity shares and 16,890 compulsory convertible preference shares of SSL. This follows Tilaknagar’s initial 10% stake acquisition in SSL for ₹ 9.75 crores in March 2023.
SSL, founded in June 2020, reported a turnover of ₹ 11.7 crores for the fiscal year ending March 31, 2024. The investment aims to strengthen Tilaknagar’s presence in the premium craft segment and expand the distribution of SSL brands in India and abroad.