Astral appoints majority directors on board of Gem Paints under DSA worth Rs194 crore

22 Jun 2022 , 10:58 AM

Astral Limited informed that in continuation of its earlier announcement dated April 29, 2022, on completion of pre-closing conditions as per the terms of the Debenture Subscription Agreement dated April 29, 2022, the Company has subscribed to Optionally Convertible Debentures of Rs194 crore issued and allotted by Gem Paints Private Limited on June 21, 2022.

Additionally, according to the aforementioned Debenture Subscription Agreement, the Company has appointed majority directors to the boards of Gem Paints Private Limited and Esha Paints Private Limited.

As a result, in accordance with the relevant provisions of the Companies Act 2013, Gem Paints Private Limited and Esha Paints Private Limited have been designated as the Company’s subsidiaries and step-down subsidiaries, respectively.

At around 11.05 AM, Astral’s counter was trading at Rs1,676.40 per piece, down by 0.52% against its previous close of Rs1,685.20 on NSE. It hit intraday high and low of Rs1,690.70 and Rs1,635 respectively.