Pidilite Industries completes acquisition of additional stake in Aapkapainter Solutions through Madhumala

Pidilite Industries Limited informed the exchanges Friday that the company’s wholly-owned subsidiary namely Madhumala Ventures Pvt. Ltd. (MVPL) has on August 6, 2021, completed the acquisition of an additional stake in Aapkapainter Solutions Pvt. Ltd. to take its holding to 47%, on a fully diluted basis.

“MVPL is not a material subsidiary of the Company,” the company said in a filing.

Madhumala Ventures had in July agreed for a cash investment of Rs14.96cr in Aapkapainter Solutions 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.