Pidilite Industries' Subsidiary to Invest up to Rs. 34 Crores in Imagimake Play Solutions
Pidilite Industries Ltd. announced that its wholly owned subsidiary, Pidilite Ventures Pvt. Ltd. (PVPL), has agreed to make a further investment in Imagimake Play Solutions Private Limited (Imagimake). The investment will not exceed Rs. 34 crores and will be made through the subscription of Compulsorily Convertible Preference Shares (CCPS) and the acquisition of equity shares from certain existing shareholders of Imagimake. Upon conversion of all the CCPS and taking into consideration the acquisition of equity shares, the aggregate shareholding shall not exceed 26.15% on a fully diluted basis in Imagimake. The investment is being made at a mutually agreed pre-money enterprise valuation, which has not been disclosed due to reasons of confidentiality.
Key Highlights
- Pidilite Ventures Pvt. Ltd. to invest up to Rs. 34 crores in Imagimake Play Solutions Private Limited
- Investment to be made through subscription of Compulsorily Convertible Preference Shares (CCPS) and acquisition of equity shares
- Aggregate shareholding shall not exceed 26.15% on a fully diluted basis
- Investment made at a mutually agreed pre-money enterprise valuation
- Imagimake Play Solutions Private Limited is involved in design, manufacturing & distribution of innovative range of educational toys, games and art & hobby products for the holistic development of children, for Indian and overseas market