TTK Prestige has entered into a binding agreement with GramyaHaat Rural Tech (GramyaHaat) in which the company will be subscribing to Compulsorily Convertible Debentures which, as and when the conversion takes place, is likely to result in equity of more than 5% in GramyaHaat.
GramyaHaat is a start-up company for exploring Rural market through physical stores as well as through village level entrepreneurs.
TTK Prestige will not have controlling stake in GramyaHaat. The total commitment is of the order of Rs. 15 crore of compulsorily convertible debentures of which Initial investment will be of the order of Rs. 5 Crores. This is not a related party transaction.
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