Berger Paints To Acquires STP Ltd
Berger Paints India Limited has announced for now acquired 91.94% of the paid-up equity share capital of STP Limited from its existing shareholders. Berger Paints intended to acquire another 3.59% shortly, as per the Share Purchase Agreement between the both parties, this acquiring a total of 95.53%, at an enterprise value of INR 165.5 Crs, subject to usual closing adjustment on account of net working capital net debt and adjustment on account of indemnities. STP Limited thus become a subsidiary of Berger with effect from 1st Nov, 2019.
About the STP Limited: The company is carries out businesses of construction chemicals, concrete admixtures, waterproofing chemicals, flooring compounds, bitumen and coal tar based products, sealants and adhesives, protective and anti-corrosive coatings, etc., which are specially formulated and have strong brand image. The total revenue of STP in the year 2018-2019 was INR 174.02 crores