Pidilite Ventures Pvt. Ltd. to make further investment in Finemake

Pidilite Ventures Pvt. Ltd. (PVPL) (Formerly known as Madhumala Ventures Pvt. Ltd.), a wholly owned subsidiary of the Company, has agreed to make further investment not exceeding Rs. 13,03,00,000/- (Rupees Thirteen Crore and Three Lakh only) in tranches over a period of time, in Finemake Technologies Private Limited, (Finemake) a company working 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, and taking into consideration the existing shareholding of the Company in Finemake, shall remain less than 45% 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 Finemake is not a related party transaction. The promoter/ promoter group of PVPL have no interest in the Investee Company.

Shares of Pidilite Industries Limited was last trading in BSE at Rs. 2356.70 as compared to the previous close of Rs. 2372.05. The total number of shares traded during the day was 7522 in over 1276 trades.

The stock hit an intraday high of Rs. 2390.00 and intraday low of 2353.50. The net turnover during the day was Rs. 17836989.00.

Source : Equity Bulls

Keywords

PidiliteIndustries INE318A01026 PidiliteVentures FurtherInvestment FinemakeTechnologies