Pidilite Industries subsidiary Madhumala to increase stake to 47% in Aapkapainter Solutions

Madhumala Ventures has agreed to make a further cash investment of Rs14.96cr in AKP, through the primary and secondary purchase of shares.

Jul 28, 2021 11:07 IST India Infoline News Service

Pidilite
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.

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