Berger Paints India has till now acquired 91.94% of the paid-up equity share capital of STP from its existing shareholders. The company intends to acquire another 3.59% shortly, as per the Share Purchase Agreement between the parties, thus acquiring a total of 95.53%, at an enterprise value of Rs 167.5 crore, subject to usual closing adjustments on account of net working capital, net debt and adjustments on account of indemnities. STP has thus become a subsidiary of Berger with effect from November 01, 2019.
Berger Paints India is the second largest paint company in India. It is present in all segments of paint including decorative, automotive, industrial, protective and powder coatings.
