The paint maker on Friday (1 January 2021) announced that it subscribed 1.65 crore equity shares of its subsidiary, Kansai Nerolac Paints (Bangladesh).
Kansai Nerolac Paints holds 55% stake in Kansai Nerolac Paints (Bangladesh) (formerly known as RAK Paints). In a further issue of shares, the subsidiary allotted 1,65,00,000 equity shares of face value Bangladeshi Taka (BDT) 10 each to Kansai Nerolac Paints. The investment aggregates to BDT 165 million (about Rs 14.33 crore). The paint maker said its shareholding in the subsidiary remains the same.Kansai Nerolac Paints is a paint company which offers a range of products, including decorative, automotive coatings and performance coatings.
Shares of Kansai Nerolac rose 4.6% to Rs 634.50 on Friday.
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