Asian Paints arm acquires Sri Lankan firm Causeway Paints
Asian Pints subsidiary Berger International Pvt Ltd (BIPL) completed the transaction for a consideration of approximately Rs 386.75 crore in cash.business Updated: Apr 03, 2017 14:54 IST
Asian Paints today said its subsidiary Berger International has fully acquired Sri Lanka’s Causeway Paints in an all cash deal of Rs 387 crore.
Berger International Pvt Ltd (BIPL) has today completed the transaction for a consideration of LKR (Lankan Rupee) 9,050 million (approximately Rs 386.75 crore) in cash, Asian Paint said in a BSE filing.
The company had in February entered into a share purchase agreement with the existing shareholders of Causeway Paints Lanka Pvt Ltd for acquisition of 100% stake.
The transaction has been done with an objective of enhancing the group’s presence in the Sri Lankan market where the company through its subsidiary Asian Paints (Lanka) Ltd already has operations, the company had said.
Shares of Asian Paints were trading at Rs 1,081.25, up 0.94 per cent on BSE.