Asian Paints rises as its arm inks pact to acquire 24.3% stake in SCIB
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Asian Paints is currently trading at Rs. 2879.55, up by 6.35 points or 0.22% from its previous closing of Rs. 2873.20 on the BSE.
The scrip opened at Rs. 2875.00 and has touched a high and low of Rs. 2887.00 and Rs. 2862.55 respectively. So far 20593 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. 2671.00 on 10-May-2024.
Last one week high and low of the scrip stood at Rs. 2920.00 and Rs. 2850.00 respectively. The current market cap of the company is Rs. 276205.80 crore.
The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 27.55% and 19.82% respectively.
Asian Paints’ wholly-owned subsidiary--Asian Paints International (APIPL), Singapore, has entered into a Share Purchase Agreement with certain minority shareholders of SCIB Chemicals S.A.E., Egypt (SCIB), a subsidiary of APIPL and SCIB for the acquisition of 24.3% of the share capital of SCIB for a consideration of $4.13 million (around Rs 34.42 crore) on May 26, 2024.
The acquisition of the stake in SCIB is subject to the completion of certain formalities relating to the transfer of shares and such approvals as may be required as per Egyptian local laws. Post completion of the acquisition, APIPL shall hold 85.6% stake in SCIB.
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.
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