Pidilite Industries Limited to make further investment in Buildnext

Pidilite Industries Limited's wholly owned subsidiary namely M/s. Pidilite Ventures Pvt. Ltd. (PVPL) has agreed to make further investment of Rs. 6.00 crores in Buildnext Construction Solutions Private Limited ("Buildnext") by subscribing to compulsorily convertible preference shares of Buildnext. The compulsorily convertible preference shares subscribed by PVPL shall upon conversion, along with the existing shares held by PVPL in Buildnext, not exceed 28% of the issued and paid up share capital of Buildnext, on a fully diluted basis. The nature of subscription will be cash. The investment is being made at a mutually agreed pre-money enterprise valuation, which has not been disclosed herein due to reasons of confidentiality.

The purchase of the said shares in Buildnext is not a related party transaction.

Shares of Pidilite Industries Limited was last trading in BSE at Rs. 2528.20 as compared to the previous close of Rs. 2521.25. The total number of shares traded during the day was 5947 in over 894 trades.

The stock hit an intraday high of Rs. 2536.00 and intraday low of 2510.35. The net turnover during the day was Rs. 15008880.00.

Source : Equity Bulls

Keywords

PidiliteIndustries INE318A01026 Investment Buildnext