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Pidilite's subsidiary to acquire 19.51% stake in Constrobot Robotics

Capital Market 

Pidilite Industries said that its wholly owned subsidiary Madhumala Ventures, has agreed to make an investment of Rs 1.56 crore in Constrobot Robotics.

Constrobot Robotics is engaged in the business of research, development, manufacturing and trading of robotic equipment and related software to be used in construction activities.

The investment would be done through the primary and secondary purchase of shares to acquire 19.51% of the issued and paid-up share capital of Constrobot Robotics (the investee company) on a fully diluted basis.

The nature of the subscription will be cash. Subscription to its shares is being done at a mutually agreed valuation.

Our investment in the investee company would help us augment our capabilities to provide better services in construction activities to interested customers, Pidilite said in a statement.

Pidilite Industries is a manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.

The adhesives maker recorded a 5% rise in consolidated net profit to Rs 376 crore on a 41% increase in net sales to Rs 2,613 crore in Q2 FY22 over Q2 FY21.

The scrip fell 1.09% to currently trade at Rs 2242.15 on the BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 25 2021. 10:02 IST