1 Apr 2022 , 03:34 PM
At around 3.10 pm, Asian Paints Ltd was trading at Rs3,115 per piece up by Rs33.25 or 1.08% from its previous closing of Rs3,081.75 per piece on the BSE.
In accordance with the Shareholders Agreement and the Share Subscription Agreement, the Company has agreed to acquire further stake of 23.9% in Weatherseal Fenestration from its promoter shareholders, in a staggered manner, over the next 3 years’ period.
It is also informed that out of 23.9% stake to be acquired in Weatherseal Fenestration: (i) 13.9% stake would be acquired during the FY 2024 — 25; and (ii) 10% stake would be acquired during the FY25 — 26.
The enterprise value that would be used to compute the consideration for acquisition would be derived at a multiple of 1.5 times the net revenue of Weatherseal Fenestration or 15 times its EBITDA, whichever is lower. The revenue and EBIDTA will be based on the financial year prior to the year of acquisition.
Weatherseal Fenestration has been incorporated in March 2022 and would be engaged in the business of interior decoration/furnishing, including manufacturing uPVC Windows and door systems.
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