Asian Paints acquires 49% stake of White Teak; Stock rises

Asian Paints Ltd has entered into a Share Purchase Agreement and other definitive documents with the existing shareholders of Obgenix Software Private Limited (popularly known by the brand name of 'White Teak'), for the acquisition of 100% of its equity share capital, in a staggered manner, over the period of next 3 years, subject to certain conditions.

Further, the Company has acquired 49% of the equity share capital of White Teak and all the customary formalities relating to the said acquisition have been completed. The remaining 51% stake would be acquired in a staggered manner as per the terms of the Definitive Documents, said company.

At around 11:21 AM, Asian Paints was trading at Rs3,163.90 apiece up by Rs8.85 or 0.28% on the BSE.