Pidilite Industries shine upon obtaining 70 per cent stake in Tenax India
Indian adhesives manufacturing company, Pidilite Industries announced that the company has completed the acquisition of 70 per cent stake in Tenax India Stone Products Private Limited.
In a regulatory filing made on Thursday after the market hours, Pidilite Industries announced, "Further to our letter dated February 27, 2020, we wish to inform you that the company has today (May 28, 2020) completed the acquisition of 70 per cent equity shares of Tenax India Stone Products Private Limited."
Aforementioned in February 2020, the company had informed that it entered into a definitive agreement with Tenax SPA (Tenax Italy) for acquiring 70 per cent of the share capital of Tenax India Stone Products Pvt Ltd (Tenax India) for a cash consideration of approximately Rs 80 crore.
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Incorporated in 1959, Pidilite Industries Limited has been a pioneer in consumer and speciality chemicals in India. The company also sells art material, construction chemicals as well as other industrial chemicals.
At 3.05 pm on Friday, the stock of Pidilite Industries Ltd is trading at Rs 1,458.85, up by 2.36 per cent against its previous close of Rs 1,425.15. Its 52-week high is Rs 1,709.85 while its 52-week low is Rs 1,168.80 on BSE.