Pidilite Industries Limited's subsidiary to invest in Constrobot Robotics Pvt Ltd

Madhumala Ventures Private Limited (Madhumala), a wholly owned subsidiary of Pidilite Industries Limited, has agreed to make an investment of Rs. 1.56 crores in Constrobot Robotics Private Limited (the Investee Company) which is engaged in the business of research, development, manufacturing and trading of robotic equipment and related software to be used in construction activities. The investment would be done through primary and secondary purchase of shares to acquire 19.51% of the issued and paid-up share capital of the Investee Company on a fully diluted basis. The nature of subscription will be cash. Subscription to its shares is being done at a mutually agreed valuation, which has not been disclosed herein due to reasons of confidentiality.

The subscription of shares of the Investee Company is not a related party transaction. The promoter / promoter group of Madhumala have no interest in the Investee Company.

The investment in the Investee Company would help company augment its capabilities to provide better services in construction activities to interested customers.

Shares of Pidilite Industries Limited was last trading in BSE at Rs. 2266.85 as compared to the previous close of Rs. 2340.55. The total number of shares traded during the day was 24073 in over 3994 trades.

The stock hit an intraday high of Rs. 2355.65 and intraday low of 2229.80. The net turnover during the day was Rs. 55217600.00.

Source : Equity Bulls

Keywords

PidiliteIndustriesLimited INE318A01026 MadhumalaVentures Investment ConstrobotRobotics RoboticEquipment