Pidilite Industries has received its board’s approval for investment in equity shares of CIPY Polyurethanes (CIPY). The proposed shareholding of the company in CIPY post such investment will be 70% initially, thereby making CIPY a subsidiary of the company. The acquisition of shares of CIPY is not a related party transaction.
The nature of consideration will be cash being an amount of Rs 96.40 crore in aggregate payable to the existing shareholders of CIPY for the purchase of a portion of the shares held by them in CIPY. This acquisition will help the company to participate in the growth of the resin flooring and floor coatings market. The board of directors at their meeting held on January 5, 2018, has approved for the same.
Pidilite Industries is engaged in manufacturing consumer and specialities chemicals in India. Its products include adhesives and sealants, construction and paint chemicals, automotive chemicals, art materials, industrial adhesives, industrial and textile resins and organic pigments and preparations.
Company Name | CMP |
---|---|
Tata Chemicals | 1060.30 |
SRF | 2262.10 |
Pidilite Inds. | 2989.85 |
Aarti Inds | 657.65 |
Gujarat Fluorochemic | 3264.20 |
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