Pidilite Industries’ wholly owned subsidiary -- Pidilite Ventures (PVPL) (Formerly known as Madhumala Ventures), has agreed to make further investment not exceeding Rs 13.03 crore in tranches over a period of time, in Finemake Technologies (Finemake) a company working to deliver technology driven high quality home interior products. The investment would be completed, subject to fulfilment of certain conditions mentioned in the agreement, by subscribing to compulsorily convertible preference shares which would, upon conversion, and taking into consideration the existing shareholding of the Company in Finemake, shall remain less than 45% 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.
The subscription of shares of Finemake is not a related party transaction. The promoter/ promoter group of PVPL have no interest in the Investee Company.
Pidilite Industries is a well-known name in the adhesives market.
