Asian Paints has acquired 51% of the equity share capital of Harind Chemicals and Pharmaceuticals (Harind) from Aapex Power and Industries for a consideration of Rs 14.28 crore (as against the earlier agreed consideration of Rs 12.75 crore). The increase in the consideration paid is in accordance with the terms of the Share Purchase Agreements & other definitive documents entered into by the Company with Aapex, the existing shareholders, and Harind. Accordingly, Harind and Nova Surface-Care Centre, a wholly owned subsidiary of Harind, have become subsidiary companies of the Company.
The second tranche of 19% and the third tranche of 20% would be acquired from the existing shareholders, in a staggered manner, on such consideration as agreed between the Company and the existing shareholders, based on the achievement of certain financial targets and subject to the fulfilment of certain conditions precedent, as per the terms of the Share Purchase Agreements & other definitive documents. The Stock Exchanges will be intimated about the same in due course.
Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. The Company's business segments are Paints and Home Improvement.
| Company Name | CMP |
|---|---|
| Asian Paints | 2844.25 |
| Berger Paints India | 502.75 |
| Kansai Nerolac Paint | 279.10 |
| Akzo Nobel India | 2490.00 |
| Indigo Paints | 1387.10 |
| View more.. | |
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