Asian Paints informed that its board has approved subscription to equity shares to be issued and allotted by Asian Paints International (APIPL), Singapore, a wholly-owned subsidiary of the company, for approximately Rs 200 crore.
The paint maker will subscribe to 4.79 crore equity shares APIPL at SGD 0.67 per share for a consideration of approximately SGD 32.1 million, which is equivalent to about Rs 200 crore.
These funds will be utilised by APIPL towards repayment of borrowings and onward infusion of money in certain subsidiaries to support their working capital requirements.
The infusion is expected to be completed within 60 days and is subject to completion of necessary regulatory formalities.
APIPL is an investment holding firm of international business of the company. It has recorded a consolidated turnover of SGD 436.2 million, equivalent to Rs 2,549.4 crore for the financial year 2022-23.
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home dor, bath fittings and providing related services.
The paint major's consolidated net profit jumped 34.96% to Rs 1,447.72 crore in Q3 FY24 as against Rs 1,072.67 crore recorded in Q3 FY23. Net sales grew by 5.43% year on year to Rs 9,074.94 crore in Q3 December 2023.
The scrip rose 0.56% to close at Rs 2,846 on Thursday, 28 March 2024. The domestic market is closed today on account of Good Friday.
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