Asian Paints Ltd invests in Weatherseal Fenestration

Asian Paints Ltd has entered into a Shareholders Agreement and Share Subscription Agreement with the promoters of Weatherseal Fenestration Private Limited (hereinafter referred to as "Weatherseal Fenestration"), Mr. Harish Munireddy and Ms. Pratibha SB and Weatherseal Fenestration, for infusion of Rs. 19 crores (approx.) for 51% stake by subscription to the equity share capital of Weatherseal Fenestration, subject to customary closing adjustments and conditions precedent.

The Company has, today, subscribed to 51% of the equity share capital of Weatherseal Fenestration comprising of 10,409 equity shares of Rs. 10 (Rupees ten) each at a premium of Rs. 18,091 (Rupees eighteen thousand and ninety-one only) per share, issued on preferential basis for an aggregate cash consideration of Rs. 18,84,13,309 (Rupees eighteen crore eighty-four lakhs thirteen thousand three hundred and nine only).

Accordingly, Weatherseal Fenestration is now a subsidiary of the Company.

Shares of Asian Paints Limited was last trading in BSE at Rs. 2635.35 as compared to the previous close of Rs. 2661.95. The total number of shares traded during the day was 116798 in over 17624 trades.

The stock hit an intraday high of Rs. 2665.30 and intraday low of 2585.05. The net turnover during the day was Rs. 306709828.00.

Source : Equity Bulls

Keywords

AsianPaints INE021A01026 Investment WeathersealFenestration FundInfusion