Asian Paints raises stake in Berger to 75.82%

Asian Paints, which already held 50.1% stake in Berger, raised it to 75.82% by buying shares for 0.25 Singapore dollar (SD) a scrip

Asian Paints International Ltd on Wednesday acquired an additional 25.72 per cent stake in Berger International and said it would make an open offer to fully acquire the Singapore-based company. Asian Paints, which already held 50.1 per cent stake in Berger, raised it to 75.82 per cent by buying shares for 0.25 Singapore dollar (SD) a scrip, totalling SD6.68 million.

In a filing to the Singapore stock exchange, KPMG Corporate Finance Pte Ltd said on behalf of Asian Paints it had acquired 26,725,122 shares in Berger from Aegis Estates.

"Consequently, the offeror intends to make the offer at the offer price to enable the minority shareholders to realise their investment in the shares at the same price at which the Aegis Stake was acquired," it added.

Asian Paints believes the delisting of Berger will provide greater flexibility to manage, develop and optimise the use of the management and capital resources and facilitate the implementation of any operational change, it said. Asian Paints said it had no present intention to make major changes to the businesses of Berger.