BASF India has received approval for the transfer of Coatings business to BASF India Coatings, 100% wholly owned subsidiary, on slump sale and at arm’s length basis as determined by an Independent Valuer i.e., for a consideration of Rs 182 crore, subject to necessary adjustments, as may be required, on the closing date in accordance with the conditions specified in the Business Transfer Agreement.
The consideration will be payable by BASF India Coatings in the form of equity shares issued in favour of BASF India, at the time of closing of the transaction, expected by the end of calendar year 2024. Based on the recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held on February 12, 2024 has approved the same.