Asian Paints announced on friday that it had purchased an 11% share in Obgenix Software

26 Jun 2023 , 11:39 AM

On Friday, June 23, Asian Paints Ltd announced that it has paid the promoters Rs 54 crore for an additional 11% of Obgenix Software Private Ltd, better known by the brand name White Teak.

According to a filing with the exchange, the corporation now has a 60% ownership in White Teak, making the brand a subsidiary of the company.

Asian Paints added that the promoters of White Teak had also received an earn-out payment of Rs 59.5 crore depending on the accomplishment of mutually agreed financial objectives.

Asian Paints paid Rs 180 crore in April 2022 to purchase a 49% share in White Teak. For a maximum consideration of Rs 360 crore, the remaining 40% of the stock will be purchased during the fiscal year 2025–2026, according to the statement.

White Teak is a company that sells fans and decorative lighting accessories. It was founded in 2016 by Silicon Valley tech entrepreneurs Pawan Mehta and Gagan Mehta. White Teak’s revenue in FY2022-23 was Rs 1,08.51 crore.

Among the top 10 decorative coatings firms worldwide, Asian Paints is a well-known domestic paint manufacturer. Through its subsidiaries, the Mumbai-based corporation operates in 15 different nations worldwide. Over 60 countries are served by its 26 paint manufacturing sites.

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