The acquisition is completed on 31st March, 2023 and the cost of acquisition is Rs. 37 crores
Kansai Nerolac Paints Limited (KNPL) has entered into a Share Purchase Agreement with Polygel, its promoters and Nerofix for acquisition of shares (40% of the total shareholding) of Nerofix from Polygel. The said shares have been transferred to KNPL.
Consequent to the said acquisition of shares, Nerofix Private Limited has become a wholly owned (100%) subsidiary of Kansai Nerolac Paints Limited.
The acquisition will provide benefits of synergy and growth to KNPL. Consequent to the acquisition of 40% of shareholding of Nerofix from Polygel, Nerofix has become a wholly owned subsidiary of KNPL.
The acquisition is completed on 31st March, 2023 and the cost of acquisition is Rs. 37 crores. 80,00,000 equity shares of Rs. 10 each i.e. 40% of the total shareholding of Nerofix has been acquired. Post acquisition, the company holds 2,00,00,000 Equity Shares of Rs. 10 each.
Nerofix Private Limited, a company incorporated in India, with a net revenue of Rs. 110.42 crore for the financial year ended 31st March 2022. The company is focusing on construction chemicals, adhesives, and sealants.
Nerofix was established as a joint venture between Polygel Industries Private Limited and Kansai Nerolac Paints Limited.
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