Breaking News

You are here » Indian-Commodity  :  Corporate  :  Asian Paints' arm concludes divestment of its stake in LBOH

26-Jul2017

Asian Paints' arm concludes divestment of its stake in LBOH

Asian Paints' indirect subsidiary Berger International (BIPL), Singapore, has completed the divestment of its stake in LBOH on July 24, 2017 and thereby from the three units operating in the Caribbean region for a consideration of $29.37 million (Rs 189.16 crore at current exchange).

Earlier, BIPL had entered into a share purchase agreement (SPA) with the ANSA Coatings International, St. Lucia (ANSA Coatings) for divestment of its entire stake in Lewis Berger (Overseas Holdings), UK (LBOH), wholly owned subsidiary of BIPL, which in turn holds 100 percent stake in Berger Paints Barbados, 51 percent stake in Berger Paints Jamaica and 70 percent stake in Berger Paints Trinidad.

Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. The Company's business segments are Paints and Home Improvement.



Related News

View all news

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......

Crisil downgrades DHFL's commercial papers worth Rs 850 crore

Credit Rating Agency Crisil has downgraded Dewan Housing Finance Corporation's commercial paper worth Rs 850 crore from A3+ to A4+. Its rating also continues to be on 'Rating Watch with Negative Implications'.......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......