Pidilite Industries has hiked its stake in subsidiary, Cipy Poly Urethanes (CIPY), to 100% from 70% earlier.
The stake was increased pursuant to the acquisition of the balance 28,249 equity shares from certain other shareholders, in accordance with the provisions of the shareholders agreement dated 5 January 2018.The consideration of Rs 60.49 crore (excluding certain contingent payment) has been paid in cash. Consequent to this, CIPY is now a wholly owned subsidiary of Pidilite Industries. This transaction does not constitute a material transaction for the company and it is not a related party transaction.
On a consolidated basis, Pidilite Industries reported a 29% jump in net profit to Rs 446.43 crore on 19.3% rise in net sales to Rs 2,299.02 crore in Q3 FY21 over Q3 FY20.
Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.
Shares of Pidilite Industries was down 0.43% at Rs 1,776.90 on BSE. The scrip hovered in the range of Rs 1,772.50 to Rs 1,799 so far.
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