Berger Paints buys STPL for Rs 167.5 crore

Berger Paints is acquiring a city-based firm, engaged in manufacturing and supplying of a wide range of construction chemicals and related materials for civil construction industry, for an enterprise value of Rs 167.5 crore. The paint manufacturer, in a stock exchange filing, said its board of directors approved the purchase of 95.5% of the paid-up equity share capital of the firm, STP Ltd (STPL), in an all-cash deal. The balance 4.47% of the paid-up equity share capital of STPL will be held by the existing shareholders of the firm, which had posted Rs 174.02 crore total revenue in the last fiscal.