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.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
Invest wise with Expert advice
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.