Pidilite Industries' Subsidiary to Invest up to Rs. 3.75 crore in Buildnext Construction Solutions

Pidilite Industries Ltd. has announced that its wholly owned subsidiary, Pidilite Ventures Pvt. Ltd. (PVPL), will make a further investment in Buildnext Construction Solutions Private Limited. The investment, not exceeding Rs. 3.75 crore, will be made by subscribing to compulsorily convertible preference shares of Buildnext. Upon conversion, the total shareholding of PVPL in Buildnext will not exceed 34% of the issued and paid up share capital of Buildnext, on a fully diluted basis. The investment is being made at a mutually agreed pre-money enterprise valuation, which has not been disclosed due to confidentiality reasons. The investment is not a related party transaction and the promoter/promoter group of PVPL do not have any interest in Buildnext. The investment is aimed at expanding Pidilite's presence in the home design and project management services sector.