Thursday 5 March 2015

Asian Paints gets approval for acquisition in Ethiopia; stock down

The stock has hit a high of Rs. 841 and a low of Rs. 829 on BSE today. 

Asian-Paints1Shares of Asian Paints Ltd were trading down at Rs. 834 on BSE today.

The stock opened at Rs. 835 as against the previous close of Rs. 837, on BSE. It has hit a high of Rs. 841 and a low of Rs. 829 on BSE today.

Berger International Limited, Singapore indirect subsidiary of the Company had completed the acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia.

Asian Paints Ltd has now informed BSE that the Ethiopian Investment Agency, Ethiopia ("ElA") has granted capital registration to Kadisco with respect to the investment made by BIL for the said Acquisition.

Kadisco is one of the leading paint companies in Ethiopia, incorporated in the year 1979, and is engaged in the manufacturing & selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.

Total traded quantity on the counter stood at over 0.38 lk shares on BSE.

Meanwhile, the benchmark BSE Sensex is trading at 29,396 up 15 points.

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