Asian Paints completes acquisition of 51% stake in Weatherseal Fenestration; stock adds ~1%

15 Jun 2022 , 09:46 AM

Asian Paints Limited has earlier informed that it has entered into a Shareholders Agreement and Share Subscription Agreement with the promoters of Weatherseal Fenestration Private Limited, Harish Munireddy, and Pratibha SB and Weatherseal Fenestration, inter alia, for an investment of Rs19 crore (approx.) for subscription to 51% stake in paid-up share capital of Weatherseal Fenestration, subject to customary closing adjustments and conditions precedent.

The company has on June 14, 2022, subscribed to 51% of the equity share capital of Weatherseal Fenestration comprising of 10,409 equity shares of Rs10 each at a premium of Rs18,091 per share. The shares are to be issued on a preferential basis for an aggregate cash consideration of Rs18.85 crore.

Resultantly, Weatherseal Fenestration is now a subsidiary of Asian Paints.

At around 9.52 AM, Asian Paints was trading at Rs2,649.35 per piece, up by Rs14 or 0.53% from its previous closing of Rs2,635.35 on the BSE. The scrip opened at Rs2,669.40 and has touched intraday high and low of Rs2,669.40 and Rs2,629 respectively.