Latest news with #GaganMehta
Business Standard
18 hours ago
- Business
- Business Standard
Asian Paints acquires 40% stake in White Teak
Asian Paints said that it has acquired balanced 40% stake in Obgenix Software (White Teak) from its promoters, Pawan Mehta, Gagan Mehta for total consideration of Rs 188 crore. The acquisition of the remaining stake in White Teak would be a next step forward in the companys foray of being a complete home dor solution provider and in accordance with the definitive agreements entered into by the company with White Teak and the promoters of White Teak. Post-acquisition of 40% of the equity share capital, White Teak has become a wholly owned subsidiary of the company. The company had initially acquired 49% stake in April 2022 from the White Teaks promoters, Pawan Mehta and Gagan Mehta under share purchase agreement and other definitive agreements. In June 2023, it further increased shareholding by acquiring an 11% stake. Asian Paints is India's leading paint company and ranked among the top eight decorative coatings companies in the world. Asian Paints is engaged in the business of manufacturing, selling, and distributing paints, coatings, and products related to home dor and bath fittings and providing related services. The companys consolidated net profit tumbled 44.92% to Rs 1,256.72 crore on 4.27% decline in revenue from operations to Rs 8,329.59 crore in Q4 FY25 over Q4 FY24. The scrip rallied 3.06% to settle at Rs 2,359.25 on the BSE.
News18
20 hours ago
- Business
- News18
Asian Paints Acquires Remaining 40% Stake In White Teak; Details Here
Last Updated: Before the deal, shares of Asian Paints on June 27 surge by 3.01% to close at Rs 2,358.7 apiece on the BSE. Asian Paints, India's largest paint manufacturing company, has acquired the remaining 40% stake in lighting and home decor company White Teak for Rs 188 crore, according to a regulatory filing. 'It is now informed that the company has, today, acquired the balance 40% of the equity share capital of White Teak for a consideration of Rs 188 crores from the promoters of White Teak. Accordingly, the company now holds 100% of equity share capital of White Teak, by virtue of which White Teak has become a wholly owned subsidiary of the company," Asian Paints said in a late-night BSE filing on Friday, June 27. Shares of Asian Paints on June 27 surged by 3.01% to close at Rs 2,358.7 apiece on the BSE. In April 2022, Asian Paints had acquired 49% of equity shares in Obgenix Software Pvt Ltd (which operates under the brand name 'White Teak') from promoters Pawan Mehta and Gagan Mehta. Further, in April 2023, the company bought an additional 11% in White Teak. The company said the acquisition aligns with its strategy to offer end-to-end home décor solutions, expanding beyond paints into decorative lighting and accessories through White Teak. In the March 2025 quarter, Asian Paints reported a volume growth of 1.8% in its decorative business, which was below expectations. Its net profit during the January-March 2025 period declined 45% YoY to Rs 700.8 crore. Meanwhile, on June 27, JSW Paints announced that it will buy a 74.76 per cent stake in Dulux paint-maker Akzo Nobel India for Rs 8,986 crore, followed by an open offer to buy another 25 per cent from open market for up to Rs 3,929.06 crore, totalling tad over Rs 12,915 crore. Sajjan Jindal-led JSW Paints' Rs 12,915-crore deal to acquire Dutch paint maker Akzo Nobel's India unit is among the biggest transactions in the country so far this year. It is slightly behind Japan's Sumitomo Mitsui Banking Corp's acquisition of a 20 per cent stake in Yes Bank for Rs 13,483 crore announced last month. The Sumitomo-Yes Bank deal was the largest cross-border investment in the Indian banking sector. First Published:
