Asian Paints on Friday acquired 11 per cent equity share capital of White Teak for Rs 54 crore from the promoters of White Teak, the company announced through an exchange filing. Post this acquisition the company owns 60 percent of equity shares of White Teak making it a subsidiary of Asian Paints.
Additionally, the company has paid an earn out amount of Rs 59.5 crores to White Teak on basis of the terms of the Definitive Documents.
Asian Paint acquired 49% stake in White Teak
The company had acquired 49 per cent stake in the company previously known as Obgenix Software Private Limited from Pawan Mehta and Gagan Mehta in April 2022.
The remaining 40 per cent of the equity share capital would be acquired during the financial year 2025 – 2026, for a maximum consideration of Rs. 360 crores. The consideration would be based on achievement of defined financial milestones for the business.
White Teak is a private limited company engaged, inter alia, in the business to design, trade or otherwise deal in all types and description of decorative lighting products and fans, etc.
The acquisition of stake in White Teak would be a next step forward in the Company’s foray of being a complete home décor solution provider.
Asian Paint shares
The shares of Asian Paints on Friday closed at Rs 3,297, up by 1.51 per cent.