Tilaknagar Industries has made a follow-on investment of Rs 10.66 crore in Spaceman Spirits Lab (SSL), the maker of premium craft spirits. While Rs 9.15 crore is part of the previously announced Rs 13.15 crore investment envisaged under the September 2024 agreement between TI and SSL, the balance Rs 1.51 crore is being invested to acquire shares from some of the early shareholders in SSL.
With this investment, TI's stake in SSL will increase from 12.98 per cent to 21.36 per cent on a fully-diluted basis. The definitive agreements further provide TI with the option to invest additional capital or acquire further stake from other shareholders at a pre-determined valuation methodology, subject to SSL achieving certain pre-agreed milestones.