Pidilite Industries' subsidiary to invest Rs3.78 crore in Kaarwan Eduventures

21 Mar 2022 , 10:03 AM

Pidilite Industries Ltd has informed that Madhumala Ventures Pvt. Ltd. (Formerly known as Madhumala Traders Pvt. Ltd.), a wholly owned subsidiary of the Company, has agreed to make an investment not exceeding Rs3.78 crore in Kaarwan Eduventures Private Limited.

As per the filing, the Kaarwan Eduventures is engaged in the business of providing interactive and result oriented education making it a one stop learning and upskilling platform for architects and designers.

The investment would be done by subscribing to Compulsorily Convertible Preference Shares, which on conversion would translate into 26% of the issued and paid up share capital of the Investee Company (on a fully diluted basis).

Further, the nature of 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 company said.

At around 10:08 AM, Pidilite Industries was trading at Rs2,499.45 apiece down by Rs10.75 or 0.43% from its previous closing of Rs2,510.20 apiece on the BSE.