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Indigo Paints acquires 51% stake in Apple Chemie
Last Updated: 6th April 2023 - 11:41 am
Apple Chemie is engaged in the manufacturing and sale of construction chemicals and waterproofing products.
Acquisition of stakes in Apple Chemie Pvt Ltd
Indigo Paints has entered into a Share Purchase and Share Subscription Agreement (SPSS) and a Shareholders Agreement (SHA) on April 03, 2023, with Apple Chemie India Pvt Ltd (ACIPL) to acquire 51% equity shares in ACIPL. Indigo Paints also has the option to acquire an additional stake in Apple Chemie at the end of 3 years.
ACIPL is engaged in the manufacture and sale of construction chemicals and waterproofing products. With the acquisition of a 51% equity share, ACIPL will become a subsidiary of the company, enabling it in expanding its product portfolio in the space of construction and waterproofing products.
Hemant Jalan, CMD of Indigo Paints said, “Apple Chemie has a wide range of products which are complementary to Indigo Paints. They also have a marquee clientele which includes all major engineering and construction conglomerates in the country. With the Government's massive infrastructure spending plan and the established client base, Apple Chemie is primed to become a Pan-India player. This partnership will enable Indigo Paints to widen its product offerings. Indigo Paints will soon be launching a full range of waterproofing and construction chemicals targeting retail consumers”.
Stock price movement
On April 3, the stock opened at Rs 1025.95 and touched a high and low of Rs 1072.30 and Rs 1014.00 respectively. The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high and low of Rs 1,742.25 and Rs 981.05, respectively. Last one week high and low of the scrip stood at Rs 666.55 and Rs 635.30 respectively. The current market cap of the company is Rs 5,056.25 crore.
The promoters holding in the company stood at 54%, while Institutions and Non-Institutions held 32.47% and 13.53% respectively.
Company Profile
Incorporated in the year 2000, Indigo Paints Ltd manufactures and sells decorative paints including exterior emulsions, interior emulsions, acrylic laminate, metallic emulsion, tile coat, bright ceiling coal, roof coat emulsion, floor coat emulsion, polymer putty, primers (WT Cement Primer, Exterior wall primer, Wood Primer, Red Oxide Metal Primer), cement paints and distemper (acrylic distemper). The company sells various products under the brand name “Indigo”.
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