Berger Paints Acquires 100 Percent of Paid-Up Equity Share of Saboo Coatings
Shital Jibhe / 06 Jun 2017
Berger Paints India Limited is engaged in the manufacture of paints and varnishes, enamels or lacquers. On Tuesday, it informed the bourses that it has acquired 100% of the paid-up equity share capital of Saboo Coatings Private Limited (SCPL).
Berger Paints India Limited is engaged in the manufacture of paints and varnishes, enamels or lacquers. On Tuesday, it informed the bourses that it has acquired 100% of the paid-up equity share capital of
The said acquisition was approved at a board meeting held on May 30, 2017, and was completed on June 5, 2017.The shares were acquired from existing shareholders at a consideration of Rs 81.77 crore.
Saboo Coatings has become 100 percent subsidiary of Berger Paints India after the acquisition.
At Rs 251.60 per share at 1430 hours IST on BSE, Berger Paints India was down by 1.6%. It touched a high of Rs 258.85 and a low of Rs 250.75 so far during the day.
The stock has delivered more than 20% returns in over a year’s time. It has also outperformed BSE Sensex and Nifty Commodities over the same period.