Hindware Home Innovation to acquire Hintastica, boost stake
Hindware Home Innovation Limited's Board of Directors has approved a significant move to acquire the remaining stake in its joint venture, Hintastica Private Limited, from Atlantic Société Frangaise de Développement Thermique, France. The company will invest up to INR 15 crore via a rights issue and acquire Atlantic's 5,48,787 equity shares for approximately INR 2.79 crore. Upon completion, Hintastica will become a wholly-owned subsidiary. Additionally, Hindware Home Innovation has extended a corporate guarantee of INR 25 crore for Hintastica's working capital facilities, aligning with its 100% ownership. This strategic move aims to consolidate operations and capitalize on the water heater business under the 'hindware' brand.
Key Highlights
- Hindware to acquire full control of water heater JV Hintastica.
- Investment of up to INR 15 Cr via rights issue.
- Acquisition of Atlantic's stake for ~INR 2.79 Cr.
- Hintastica to become wholly-owned subsidiary.
- INR 25 Cr corporate guarantee extended for working capital.
Price Impact
More from HINDWAREAP