Asian Paints inches up on acquiring 51% stake in Harind
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Asian Paints is currently trading at Rs. 2980.50, up by 4.15 points or 0.14% from its previous closing of Rs. 2976.35 on the BSE.
The scrip opened at Rs. 2982.00 and has touched a high and low of Rs. 2989.90 and Rs. 2969.00 respectively. So far 600 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 3566.90 on 24-Jul-2023 and a 52 week low of Rs. 2701.00 on 23-Feb-2023.
Last one week high and low of the scrip stood at Rs. 2989.90 and Rs. 2910.00 respectively. The current market cap of the company is Rs. 285490.83 crore.
The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 27.90% and 19.47% respectively.
Asian Paints has acquired 51% of the equity share capital of Harind Chemicals and Pharmaceuticals (Harind) from Aapex Power and Industries for a consideration of Rs 14.28 crore (as against the earlier agreed consideration of Rs 12.75 crore). The increase in the consideration paid is in accordance with the terms of the Share Purchase Agreements & other definitive documents entered into by the Company with Aapex, the existing shareholders, and Harind. Accordingly, Harind and Nova Surface-Care Centre, a wholly owned subsidiary of Harind, have become subsidiary companies of the Company.
The second tranche of 19% and the third tranche of 20% would be acquired from the existing shareholders, in a staggered manner, on such consideration as agreed between the Company and the existing shareholders, based on the achievement of certain financial targets and subject to the fulfilment of certain conditions precedent, as per the terms of the Share Purchase Agreements & other definitive documents. The Stock Exchanges will be intimated about the same in due course.
Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. The Company's business segments are Paints and Home Improvement.
