Asian Paints acquires additional stake in White Teak for Rs 54 crore; shares fall

Asian Paints also paid an earn out of Rs 59.5 crore to the promoters of White Teak.

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Asian Paints share price fell in early trade on June 26 as company acquired additional stake in Obgenix Software Private Limited (brand name White Teak).

Asian Paints acquired further 11 percent of the equity share capital of White Teak for a consideration of approximately Rs 54 crores from the promoters.

In April 2022, the company had acquired 49 percent of the equity share capital of Obgenix Software Private Limited from Mr. Pawan Mehta, Mr. Gagan Mehta, the promoters of White Teak, for a consideration of approximately Rs 180 crore.

White Teak has become a subsidiary of Asian Paints as company now holds 60 percent (2,40,600 equity shares of the face value of Rs 10 each) of equity share capital of White Teak.

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Asian Paints paid an earn out of Rs 59.5 crore (approximately) based on achievement of mutually agreed financial milestones, to the promoters of White Teak.

White Teak is a private limited company engaged, in the business to design, trade or otherwise deal in all types and description of decorative lighting products and fans, etc.

The remaining 40 percent of the equity share capital would be acquired during the financial year 2025 – 2026, for a maximum consideration Rs 360 crore, Asian Paints said.

At 09:37 hrs Asian Paints was quoting at Rs 3,294.00, down Rs 3.70, or 0.11 percent on the BSE.

The share touched a 52-week high of Rs 3,590 and a 52-week low of Rs 2,677.65 on 28 September, 2022 and 29 June, 2022, respectively.

Currently, it is trading 8.25 percent below its 52-week high and 23.02 percent above its 52-week low.