Pidilite Industries arm to make investment of Rs1.56cr in Constrobot Robotics

The investment by Madhumala Ventures would be done through the primary and secondary purchase of shares to acquire a 19.51% stake of Constrobot Robotics.

Nov 24, 2021 04:11 IST India Infoline News Service

Pidilite Industries
Madhumala Ventures Private Limited (Madhumala), a wholly-owned subsidiary of Pidilite Industries Limited, has agreed to make an investment of Rs1.56cr in Constrobot Robotics Private Limited (the Investee Company) which is engaged in the business of research, development, manufacturing, and trading of robotic equipment and related software to be used in construction activities.

The investment would be done through the primary and secondary purchase of shares to acquire 19.51% of the issued and paid-up share capital of the Investee company on a fully diluted basis. The nature of the subscription will be cash. Subscription to its shares is being done at a mutually agreed valuation, which has not been disclosed herein due to reasons of confidentiality.

“The subscription of shares of the Investee Company is not a related party transaction. The promoter/ promoter group of Madhumala have no interest in the Investee Company.

Our investment in the Investee Company would help us augment our capabilities to provide better services in construction activities to interested customers,” company said in a filing on Wednesday.

Pidilite Industries Ltd ended at Rs2,266.85 per piece down by Rs73.7 or 3.15% from its previous closing of Rs2,340.55 per piece on the BSE.

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