By: ICN Bureau
Last updated : August 26, 2023 9:31 am
The compulsorily convertible preference shares subscribed by PVPL shall upon conversion
Pidilite Industries Limited's wholly owned subsidiary namely Pidilite Ventures Pvt. Ltd. (PVPL) has agreed to make further investment of Rs. 6.00 crores in Buildnext Construction Solutions Private Limited ("Buildnext") by subscribing to compulsorily convertible preference shares of Buildnext.
The compulsorily convertible preference shares subscribed by PVPL shall upon conversion, along with the existing shares held by PVPL in Buildnext, not exceed 28% of the issued and paid up share capital of Buildnext, on a fully diluted basis. The nature of subscription will be cash. The investment is being made at a mutually agreed pre-money enterprise valuation, which has not been disclosed herein due to reasons of confidentiality.