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Asian Paints completes Sleek Group acquisition

Sleek Group manufactures, sells and distributes kitchens and components

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Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 08, 2013 have approved the infusion of Rs 99.78 crore for 51% stake in International Private Limited (SIPL). Post the infusion, the company would hold 51% stake in SIPL, said statement from Asian Paints.

The company would further infuse a sum of Rs 19.69 crore, on August 10, 2013, as a second tranche to this transaction by further subscription to equity shares of SIPL with a corresponding proportionate infusion by the existing promoters of SIPL. On completion of the infusion in the second tranche, the Company would continue to hold 51% stake in SIPL, comapny said.

In March, Asian Paints board had approved in principle to acquire 51% stake in the maker and distributor of kitchens and components.

Sleek Group manufactures, sells and distributes kitchens and components like wire baskets, cabinets, appliances and accessories through a network of over 30 showrooms and more than 250 dealers across India.

Asian Paints shares were down 1.83% on BSE and traded at Rs 431.4 on Thursday.

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