Business Update14 Aug 2024, 01:47 pm
Pidilite Industries Acquires Pargro Investments for Rs. 9.90 Crores
AI Summary
Pidilite Industries Ltd., a leading company in the adhesives industry, has completed the acquisition of Pargro Investments Pvt. Ltd., a Non-Banking Financial Company (NBFC) belonging to the Company's Promoter Group. The acquisition was made through Bhimad Commercial Co. Pvt. Ltd., a wholly owned subsidiary of the Company. The transaction is at arm’s length and does not have any impact on the management or control of the Company. The acquisition is part of Pidilite's plan to set up a Lending Business to provide credit to its ecosystem, primarily in the form of small value retail loans. The acquisition was completed on 13th August, 2024, for a consideration of Rs. 9.90 crores.
Key Highlights
- Pidilite Industries acquires Pargro Investments Pvt. Ltd.
- Transaction is at arm’s length and does not affect Company management or control.
- Acquisition is part of Pidilite's plan to set up a Lending Business.
- Pargro is a Non-Banking Financial Company (NBFC).
- Transaction consideration is Rs. 9.90 crores.