Asian Paints Ltd acquires 49% stake of White Teak

Asian Paints Ltd has entered into a Share Purchase Agreement and other definitive documents (collectively referred to as 'Definitive Documents') with the existing shareholders of Obgenix Software Private Limited (popularly known by the brand name of 'White Teak'), for the acquisition of 100% of its equity share capital, in a staggered manner, over the period of next 3 (three) years, subject to certain conditions.

The Company has acquired 49% of the equity share capital of White Teak and all the customary formalities relating to the said acquisition have been completed. The remaining 51% stake would be acquired in a staggered manner as per the terms of the Definitive Documents.

Shares of Asian Paints Limited was last trading in BSE at Rs. 3139.60 as compared to the previous close of Rs. 3117.65. The total number of shares traded during the day was 48658 in over 3918 trades.

The stock hit an intraday high of Rs. 3157.25 and intraday low of 3080.80. The net turnover during the day was Rs. 152827987.00.

Source : Equity Bulls

Keywords

AsianPaints INE021A01026 WhiteTeak StakeAcquisition