Pidilite Industries’ wholly owned subsidiary -- M/s. Bhimad Commercial Co. (Bhimad) has completed the formalities for acquisition of M/s. Pargro Investments (Pargro). Accordingly, Pargro is now wholly owned subsidiary of Bhimad.
The aforesaid transaction is a related party transaction and at arms’ length. This is not a material transaction and it does not have any impact on the management or control of the Company.
Pidilite Industries intends to set up a Lending Business (New Business). The New Business would provide credit to its domain ecosystem to support their business growth. This credit will be provided primarily in the form of small value retail loans. To facilitate the above seamlessly, the Company identified an existing NBFC company i.e. Pargro belonging to the Company’s Promoter Group. The cost of acquisition is Rs 9.90 crore.
Pidilite Industries is a well-known name in the adhesives market.
