Pidilite Industries’ wholly owned subsidiary -- Madhumala Traders has agreed to make an investment of Rs 49 crore in Homevista Decor and Furnishings by subscribing to its Series D2 Cumulative Compulsorily Convertible Preference Shares (CCCPS) which on conversion would translate to over 5% of the issued and paid-up share capital of the Investee Company (on a fully diluted basis).
Along with Madhumala, other reputed investors have also made investment in the Investee Company. The nature of subscription will be cash. Subscription of CCCPS is being done at a mutually agreed pre-money enterprise valuation, which has not been disclosed herein due to reasons of confidentiality.
Pidilite Industries is a well-known name in the adhesives market. The company has diversified into various segments such as adhesives and sealants, construction and paint chemicals, automotive chemicals, art materials, industrial adhesives, industrial and textile resins and organic pigments and preparations.
