Pidilite Industries Subsidiary Madhumala to Increase Stake in Aapkapainter Solutions

Pidilite Industries Limited informed the exchanges on 27th July that its wholly-owned subsidiary Madhumala Ventures Pvt. Ltd. has agreed to make a further cash investment of Rs 14.96cr in Aapkapainter Solutions Pvt. Ltd. (AKP), through the primary and secondary purcha

BY Realty Plus
Published - Friday, 30 Jul, 2021

Pidilite Industries Subsidiary Madhumala to Increase Stake in Aapkapainter Solutions

Pidilite Industries Limited informed the exchanges on 27th July that its wholly-owned subsidiary Madhumala Ventures Pvt. Ltd. has agreed to make a further cash investment of Rs 14.96cr in Aapkapainter Solutions Pvt. Ltd. (AKP), through the primary and secondary purchase of shares, consequent to which, Madhumala’s stake in AKP shall increase from 28.89% to 47%, on a fully diluted basis. AKP, other shareholders of AKP, and Madhumala had entered into a Share Subscription Agreement executed on February 21, 2020. “The transaction is expected to get concluded within a month. The investment is being made at a mutually agreed premoney enterprise valuation, which has not been disclosed herein due to reasons of confidentiality,” company said.