Asian Paints Acquired Reno Chemicals

2017-12-12 Merger and Acquisitions Chemicals & Petrochemicals Western India

Asian Paints Limited has acquired 100% stake in Reno Chemicals Pharmaceuticals And Cosmetics Private Limited (Reno), consisting of 4950 equity shares of the face value of Rs.100/- for an amount of Rs. 159.52 crores.

The aforesaid transaction is with an objective of using the land and building of Reno to meet the Company's growing infrastructure requirements.

1	name of the target entity, details in brief such as size, turnover etc.	Reno Chemicals Pharmaceuticals ' And CosmeticsPrivate Limited ("Reno") was incorporated in India on 13th June 1972 and have its Registered Office at 6B, Shanti Nagar, Vakola, Santacruz East, Near Asian Paints, Mumbai — 400 055 with an annual income (Other Income) of Rs. 31.26 lacs as on 31st March 2017.
2	whether the acquisition would fallwithin related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest. and details thereof and whether the same ' is done at "arms length":	No
3	industry to which the entity being acquired belongs;	It owns the land and building at 6B, Shanti Nagar, Vakola, Santacruz East, Near Asian Paints, Mumbai -400 055.
4	objects and effects of acquisition(including but not limited to, the disclosure of reasons for the acquisition of target entity, if its business is outside the main line of business of the listed entity);	The aforesaid transaction is with an objective of using the land and building of Reno to meet the Company's growing infrastructure requirements.
5	brief details of any governmental or regulatory approvals required for the acquisition;	NIL
6	indicative time period for completion of the acquisition;	Completed
7	nature of consideration' - whether cash consideration or share swap and details of the same;	Consideration in cash.
8	cost of acquisition or the price at which the shares are acquired;	Acquisition of the entire paid-up share capital of Reno consisting of 4,950 equity shares of the face value of Rs. 100 at a cost of Rs. 3,22,258 per share.
9	percentage of shareholding/control acquired and/or number of shares acquired;	The Company has acquired 100% of the paid-up share capital of Reno consisting of 4,950 equity shares of the face value of Rs.100 each.
10	brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, the country in which the acquired entity has the presence and any other significant information (in brief)	Reno was incorporated in India on 13th June 1972 and has its Registered Office at 6B, Shanti Nagar, Vakola, Santacruz East, Near Asian Paints, Mumbai — 400 055 with an annual income of Rs. 31.26 lacs as on 31st March 2017, Rs. 30.6 lacs as on 31st March 2016 and Rs. 29.8 lacs as on 31st March 2015.