India, Nov. 4 -- BSE-listed TCC Concept's board has approved the acquisition of a 98.98% stake in online furniture marketplace Pepperfry for about INR 661.47 Cr. According to an exchange filing, the deal will be carried out through a share swap, with TCC issuing 1.18 Cr shares at INR 557.9 each to Pepperfry's shareholders.

The acquisition is expected to be completed by December 15, following shareholder and regulatory approvals. With this, TCC will acquire 3.5 Cr equity shares and 30.1 Lakh preference shares of Pepperfry, giving it near-total control of the company on a fully diluted basis.

Founded in 2012 by Ambareesh Murty and Ashish Shah, Pepperfry is one of India's largest omnichannel furniture and home goods marketplaces, with over...