At meeting held on 15 October 2019
The Board of Berger Paints India at its meeting held on 15 October 2019 has approved the purchase of 1,88,63,180 equity shares of STP representing 95.53% of the paid-up equity share capital of STPL. The balance 4.4 7% of the paid-up equity share capital of STPL will be held by the existing shareholders of STPL.STPL is an unlisted public company incorporated under the Indian Companies Act, 1913 and having its registered office at 6 Lyons Range, Kolkata-700001. It is engaged in carrying out the business of manufacturing and supplying of a wide range of construction chemicals, concrete admixtures, waterproofing .chemicals, flooring compounds, bitumen and coal tar based products, sealants and adhesives, protective and anti-corrosive coatings, etc.
The business and the expertise of STPL can gainfully supplement the Company's existing businesses, where the two entities can combine their strengths and collaborate in the areas of manufacturing, selling, distribution, procurement, technology, etc., resulting in mutual benefit to both the companies.
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