Berger Paints India Limited ('the Company') at its Board Meeting held on 15th October, 2019 has approved the purchase of 1,88,63,180 equity shares of STP Limited ('STPL') representing 95.53% of the paid-up equity share capital of STPL. The balance 4.47% of the paid-up equity share capital of STPL will be held by the existing shareholders of STPL.
STP Limited (STPL) is an unlisted public company incorporated under the Indian Companies Act, 1913 and having its registered office at 6 Lyons Range, Kolkata-700001. It is engaged in carrying out the business of manufacturing and supplying of a wide range of construction chemicals, concrete admixtures, waterproofing .chemicals, flooring compounds, bitumen and coal tar based products, sealants and adhesives, protective and anti-corrosive coatings, etc.
The shares of STPL will be acquired at an enterprise value of Rs.167.5 Crores, subject to usual closing adjustments on account of net working capital, net debt and adjustments on account of indemnities.
The transaction is likely to be completed within 30th November, 2019 subject to the parties agreeing on terms of acquisition.
Shares of BERGER PAINTS INDIA LTD. was last trading in BSE at Rs.476.8 as compared to the previous close of Rs. 477.9. The total number of shares traded during the day was 103536 in over 5955 trades.
The stock hit an intraday high of Rs. 488.4 and intraday low of 475. The net turnover during the day was Rs. 49894788.