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Asian Paints has announced voluntary unconditional cash offer to acquire about 24% shareholding in Berger International Limited (BIL), Singapore and delist from Singapore Exchange. BIL is an indirect subsidiary of Asian Paints and has no Indian operations.
In this move Asian Paints subsidiary Asian Paints International Limited (APIL), today acquired additional 24.18% of BIL through off market transaction and increased APIL’s stake in the company to 75.82%.
The company now wants to acquire the balance 24.18% of BIL and delist the company from Singapore exchange for which it has announced voluntary open offer.
