Pidilite Industries Limited informed the exchanges Tuesday that its wholly-owned subsidiary Madhumala Ventures Pvt. Ltd. has agreed to make a further cash investment of Rs14.96cr in Aapkapainter Solutions Pvt. Ltd. (AKP), through the primary and secondary purchase of shares, consequent to which, Madhumala’s stake in AKP shall increase from 28.89% to 47%, on a fully diluted basis.
AKP, other shareholders of AKP, and Madhumala had entered into a Share Subscription Agreement executed on February 21, 2020.
“The transaction is expected to get concluded within a month. The investment is being made at a mutually agreed premoney enterprise valuation, which has not been disclosed herein due to reasons of confidentiality,” company said in a filing on Tuesday.
At around 11:15 AM, Pidilite Industries Ltd was trading at Rs2,278.05 per piece down by Rs21.55 or 0.94% from its previous closing of Rs2,299.60 per piece on the BSE.