Infra.Market proposes to invest in Shalimar Paints Limited

Hella Infra Market Private Limited (the parent company of Infra.Market) announced its proposal to invest an amount of INR 270 Crores (Rupees Two Hundred and Seventy Crores Only) through a combination of equity and debentures in Shalimar Paints Limited (SPL), subject to shareholders' and necessary regulatory approvals.

SPL is a professionally managed company, a pioneer in the Indian Paints industry with a brand legacy of over 120 years. The company is engaged in the manufacturing and marketing of decorative paints, industrial coatings, and allied product categories. SPL has a pan-national presence through its strategically located manufacturing facilities and distribution network. The largest promoter of SPL is the O. P. Jindal group.

EY (formerly Ernst & Young) acted as an exclusive financial advisor to Shalimar Paints.

Dr. Rajeev Uberoi, Chairman of SPL said, "Shalimar Paints was recognized as one of the top brands in the paint industry in its formative years. We are at the inflection point of exponential growth at Shalimar and partnering with Infra.Market will enable us to pursue both organic and inorganic growth opportunities within our existing and even newer product categories. We are happy to partner with Infra.Market to fuel our next phase of growth."

Mr. Aaditya Sharda, Co-Founder of Infra.Market said, "When we embarked on a journey to build Infra.Market, the vision was to create a horizontal construction material managed marketplace. The association with Shalimar is an important step as paints is an exciting category and Shalimar presents a unique opportunity for us to partner with an established vintage brand in this much coveted category. We believe that with our technology-based supply chain solutions, we will substantially add value to the robust ecosystem that Shalimar has already built, and together we will be instrumental in enhancing Infra.Market's position as a category leader in the building material industry."

Shares of Shalimar Paints Limited was last trading in BSE at Rs. 134.75 as compared to the previous close of Rs. 135.30. The total number of shares traded during the day was 104419 in over 2692 trades.

The stock hit an intraday high of Rs. 142.25 and intraday low of 133.85. The net turnover during the day was Rs. 14313172.00.

Source : Equity Bulls

Keywords

ShalimarPaints INE849C01026 SHALPAINTS FundRaising HellaInfraMarket Equity Debentures