19 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.
