Pidilite Ventures to further invest Rs. 13 crore in Finemake Technologies
General

Pidilite Ventures to further invest Rs. 13 crore in Finemake Technologies

The nature of subscription will be cash

  • By ICN Bureau | March 22, 2023

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.

Register Now to Attend E-Conference on Reimagining Chemical Manufacturing: A Digital, Sustainable, and Scalable Future on July 16 at 3:00 - 4:30 PM IST

Other Related stories

Startups

Chemical

Petrochemical

Energy

Digitization