By: ICN Bureau
Last updated : March 22, 2023 8:15 am
The nature of subscription will be cash
Pidilite Ventures Pvt. Ltd. (PVPL) (formerly known as Madhumala Ventures Pvt. Ltd.), a wholly owned subsidiary of Pidilite Industries Limited has agreed to make further investment not exceeding Rs. 13.03 crore in tranches over a period of time, in Finemake Technologies Private Limited, a company working to deliver technology driven high quality home interior products.
The investment would be completed, subject to fulfilment of certain conditions mentioned in the agreement, by subscribing to compulsorily convertible preference shares which would, upon conversion, and taking into consideration the existing shareholding of the company in Finemake, shall remain less than 45% on a fully diluted basis.
The nature of subscription will be cash. Subscription to its shares is being done at a mutually agreed valuation, which has not been disclosed herein due to reasons of confidentiality.