Pidilite Industries surges on getting nod for investment in Nina Waterproofing Systems

31 Mar 2015

Pidilite Industries is currently trading at Rs. 603.35, up by 5.90 points or 0.99% from its previous closing of Rs. 597.45 on the BSE.

The scrip opened at Rs. 604.00 and has touched a high and low of Rs. 607.50 and Rs. 598.60 respectively. So far 23492 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 637.55 on 20-Mar-2015 and a 52 week low of Rs. 286.40 on 16-Jun-2014.

Last one week high and low of the scrip stood at Rs. 618.40 and Rs. 584.00 respectively. The current market cap of the company is Rs. 30913.57 crore.

The promoters holding in the company stood at 69.81% while Institutions and Non-Institutions held 19.63% and 10.56% respectively.

Pidilite Industries has received an approval for investment in equity shares of Nina Waterproofing Systems (Nina). The proposed shareholding of the company in Nina will be 70%, thereby making Nina a subsidiary of the company. The board of directors at their meeting held on March 30, 2015 has approved for the same.

The initial investment of the company in Nina will be about Rs 23.33 lakh. The board has also approved additional investment up to Rs 100 crore in Nina.

Nina was incorporated on November 11, 2014 and proposes to engage in the business of supply, installation and application of waterproofing systems.

 

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