Kansai Paint hikes stake in Kansai Nerolac by 2% for Rs 287cr

Kansai Nerolac Paints' Japanese promoter Kansai Paint has increased its stake in the company by 2.02 per cent for Rs 287 crore in the open market.

Kansai Paint, which had 69.27 per cent stake earlier, has hiked its shareholding in the company to 71.29 per cent by buying 1.09 crore shares, Kansai Nerolac Paints said in a regulatory filing today.

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The shares were offloaded on February 25 and based on the average price of Rs 262.98, the transaction is estimated to have been valued at Rs 287.12 crore, it said.

Kansai Nerolac Paints had reported 28.5 per cent increase in net profit at Rs 84.4 crore for the quarter ended December 31, 2015.

Shares of the company was trading 1.02 per cent up at Rs 267.75 apiece during pre-close session on BSE.