Pidilite Industries Limited arm to invest in Kaarwan Eduventures Pvt Ltd

Madhumala Ventures Pvt. Ltd. (Formerly known as Madhumala Traders Pvt. Ltd.) (Madhumala), a wholly owned subsidiary of Pidilite Industries Limited, has agreed to make an investment not exceeding Rs. 3,78,00,000/- (Rupees Three Crores Seventy Eight Lakhs only) in Kaarwan Eduventures Private Limited ("the Investee Company"), engaged in the business of providing interactive and result oriented education making it a one stop learning and upskilling platform for architects and designers. The investment would be done by subscribing to Compulsorily Convertible Preference Shares, which on conversion would translate into 26% 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.

Shares of Pidilite Industries Limited was last trading in BSE at Rs. 2510.20 as compared to the previous close of Rs. 2462.30. The total number of shares traded during the day was 16538 in over 1986 trades.

The stock hit an intraday high of Rs. 2534.15 and intraday low of 2467.20. The net turnover during the day was Rs. 41580444.00.

Source : Equity Bulls

Keywords

PidiliteIndustries INE318A01026 MadhumalaVentures Investment KaarwanEduventures