Asian Paints gains on buying majority stake in Kadisco

The company's overseas subsidiary Berger International Limited has completed acquisition of 51% stake in Kadisco Paint

Shares of Asian Paints were up 2% at Rs 838 after the company today said that its Singapore-based subsidiary has acquired majority stake in Ethopian firm Kadisco.

Singapore-based subsidiary Berger International Limited has completed acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia, for a consideration of US$ 18.95 million (appx. Rs. 117.6 crores) in cash, Asian Paints said in a release late Tuesday.

Certain regulatory approvals are pending from the governing authorities in Ethiopia in relation to the said Acquisition.

The stock opened at Rs 830 and touched a high of Rs 841. At 11:55AM, over 600,000 shares were traded on both the stock exchanges.