Asian Paints gains on plans to acquire Kadisco Paint

Asian Paints gained on plans to acquire majority stake in Kadisco Paint

Shares of Asian Paints were up 2% at Rs 654 after the company announced plans to acquire majority stake in an African paint company.

Asian Paints will acquire 51% stake in Ethiopia-based Kadisco Paint through its Singapore-based subsidiary Berger International for an undisclosed sum.

"Berger International Limited, Singapore, a wholly owned subsidiary of Asian Paints (International) Limited on October 22, 2014 has signed a share purchase agreement and other definitive agreements and documents to acquire 51% stake in Kadisco," Asian Paints informed the BSE.

The stock opened at Rs 653 and touched a high of Rs 656 so far. Over 161,000 shares were traded on both the stock exchanges so far.