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Shares of Asian Paints were up 2% at Rs 838 after the company today said that its Singapore-based subsidiary has acquired majority stake in Ethopian firm Kadisco.
Singapore-based subsidiary Berger International Limited has completed acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia, for a consideration of US$ 18.95 million (appx. Rs. 117.6 crores) in cash, Asian Paints said in a release late Tuesday.
Certain regulatory approvals are pending from the governing authorities in Ethiopia in relation to the said Acquisition.
The stock opened at Rs 830 and touched a high of Rs 841. At 11:55AM, over 600,000 shares were traded on both the stock exchanges.
