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.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor