Pidilite Industries’ wholly owned subsidiary -- Madhumala Ventures has agreed to make an investment in tranches not exceeding Rs 14 crore in Buildnext Construction Solutions (the Investee Company), which is engaged in the business of providing IT Enabled Home Design and Project Management Services.
The investment would be done through primary subscription as well as secondary purchase of compulsorily convertible preference shares from the existing shareholders, to acquire more than 15% of the issued and paid-up share capital of the Investee Company (on a fully diluted basis). The nature of subscription will be cash. Subscription to its shares is being done at a mutually agreed valuation, which has not been disclosed herein due to reasons of confidentiality.
Pidilite Industries is a well-known name in the adhesives market.
