HSIL to acquire 100% stake in Garden Polymers

Hindustan Sanitaryware & Industries (HSIL) today said it will fully acquire Garden Polymers as against an earlier plan to buy only 60% stake in the company.

In a filing to the Bombay Stock Exchange, HSIL said its board of directors decided to acquire the entire 100% of the paid up capital of Garden Polymers on the same terms, conditions and valuation.

On June 2, HSIL had said it along with its promoters will acquire 100% stake in the said company as per a share purchase agreement.

Under the deal, 60% stake in Garden Polymers was to be acquired by HSIL and the balance 40% by the promoter group of HSIL for a total consideration of Rs 89 crore.

According to the revised programme, the promoter group will not participate in the acquisition as planned earlier.

"It is a synergistic acquisition for us. It widens our portfolio of products for our customers," HSIL Joint Managing Director Sandip Somany had told PTI.