Madhumala Ventures to invest in Finemake Technologies 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. 6,03,00,000/- (Rupees Six Crore and Three Lakh only) in tranches over a period of time, in Finemake Technologies Private Limited (the Investee Company), a company working to empower carpenters to deliver technology driven high quality home interior products. The investment would be completed, subject to fulfilment of certain conditions mentioned in the agreement, by subscribing to compulsorily convertible preference shares which would, upon conversion, translate into more than 5% 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. 2438.50 as compared to the previous close of Rs. 2396.90. The total number of shares traded during the day was 10255 in over 1218 trades.

The stock hit an intraday high of Rs. 2445.00 and intraday low of 2403.00. The net turnover during the day was Rs. 24824756.00.

Source : Equity Bulls

Keywords

PidiliteIndustries INE318A01026 MadhumalaVentures Investment FinemakeTechnologies