AX ASTRAL
29" April, 2022
BSE Limited
Phiroze Jeejeebhoy Towers Dalal Street
Mumbai - 400 0071.
Scrip Code: 532830
Dear Sir/Madam
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G
Bandra Kurla Complex, Bandra (East) Mumbai - 400 051.
Trading Symbol: ASTRAL
Sub : Outcome of Board Meeting / Acquisition
We are pleased to inform that as a part of Company's
portfolio under building (hereinafter referred as
material | Board | of | Directors |
"Astral") | held | today | approved |
segment, the in their meeting
strategy to expand its product of the Company to acquire 51%
controlling equity stake in Operating Paint Business of Gem Paints Private Limited. Accordingly, Astral has today entered into definitive agreements with Gem Paints
Private Limited and its shareholders.
Astral shall initially invest Rs. 194 Crores in Gem Paints Private Limited by subscribing
to Optionally Convertible Debentures equivalent to value of 51% equity stake
Operating Paint business of Gem Paints. The Operating Paint Business of
the redemption of OCDs. The name of Esha Paints Private Limited changed to Gem Paints Private Limited under the demerger scheme.
of
Gem Paints
Private Limited is proposed to be demerged to a wholly owned subsidiary of Gem Paints Private Limited viz. Esha Paints Private Limited. Upon the completion of demerger, Astral will acquire 51% equity shares of Esha Paints Private Limited against
is proposed to be
The balance 49% equity stake will be acquired by Astral over a period of 5 years in tranches as per the Share Purchase Agreement entered between the parties.
We enclose herewith;
1. The
disclosure
u/r
30
of
SEBI
Requirements) Regulations 2015
2. Press Release
Kindly take the same on records.
Thanking you
Yours faithfully
For Astral Limited
XA Lox
Krunal Bhatt Company Secretary
Astral Limited
(Formerly known as Astral Poly
Registered & Corporate P: +9179 66212000 |
(Listing
Obligations
and
Disclosure
Technik | ||
Office: | 207/1, | House', |
F:+9179 | 6621 |
'Astral
Limited)
B/h Rajpath
2121 | W: astralpipes.com
. | |
Club, | India. |
| | CIN: |
off S. G. Highway, Ahmedabad - 380059, Gujarat, L25200GJ1996PLC029134
AX ASTRAL
The details as required under SEBI (Listing Obligations and Disclosure Requirements)
Regulations,
2015
read
with
SEBI
9t" September, 2015 are given as under:-
Circular
No.
CIR/CFD/CMD/4/2015
Name of the target entity, details in brief Gem Paints Private
such as size, turnover etc.
engaged
manufacturing
types
products
industrial paints and as dealers in all types of chemicals, essences, enamels, polishes, distempers, colours etc.
Whether the acquisition would fall within No related party transaction(s) and whether
the
promoter/
promoter
group/ group
companies have any interest in the entity being acquired? If yes, nature of interest
and
details
thereofand
whether
same is done at "arm's length"
into
of paints,
related
the
Industry | Paint | (Building | ||
acquired | belongs | ~ | ||
Objects | and | effects | To | expand |
to
which
the
entity
being
of
acquisition
(including but not limited to, disclosure of
Company
reasons for acquisition of target entity, if segment. its business is outside the main line of business of the listed entity)
dated
Limited is a company
the
business
of
and
supply | of | various |
varnishes, | coatings, | |
décor, |
to
Material)
home
the
product
line of the
under
building
material
Brief details of any governmental
or Not applicable
regulatory acquisition
approvals
required
for the
Indicative time period for completion of The acquisition of 51% equity stake in
the acquisition
Nature of consideration - whether cash consideration or share swap and details of the same
the Operating Paint Business of Gem Paints Private Limited is expected upon completed upon completion of demerger i.e by 318t March, 2023 (tentative).
Cash consideration
Cost of acquisition or the price at which Rs. 194 Crores
the shares are acquired
E,
Registered & Corporate P: +9179 66212000 | F:
Operating Paint Business of Gem Paints
to
for 51% equity stake of
be
acquired
post
demerger
of
Operating Paint Business of Gem Paints
Private Limited.
yknown-as Astral Paly Techn ik Limited)
Office: | 207/1, | Club, |
+9179 | 6621 | CIN: |
'Astral House', B/h Rajpath 2121 | W: astralpipes.com |
off S. G. Highway, Anmedabad - 380059, L25200GJ1996PLC029134
JAX ASTRAL
percentage acquired acquired:
brief
of shareholding and / or number
background
/ control of shares
Pursuant | Optionally | Convertible |
Debenture | Subscription | Agreement, |
to
Astral | control | of | Gem |
Paints | by | way | of |
on | the |
Private
shall acquire Board
Limited
appointing
majority
directors
Board of Gems Paints Private Limited. Accordingly, Gem Paints shall become subsidiary of Astral upon completion of certain pre-closing conditions.
Upon
completion
of
Operating Paint Business of Gem Paints, Astral shall acquire 51% equity stake of Resulting Company (Esha Paints Private Limited).
about
theentity
Gem
paints
Private
acquired in terms of products/line of originally incorporated on
in
business acquired, date of incorporation, history of last 3 years turnover, country manufacture and supply of acquired
which
presence information (in brief);s
demerger
of
Limited
was
24th January,
the and any other significant related to home décor, industrial paints and as dealers in all types of chemicals,
1980. Gem Paints is into the business of various types
entity has of paints, varnishes, coatings, products
essences,enamels,
distempers, colours etc.
polishes,
Last 3 years turnover of Operating Paint
Business of Gem Paints:
2021-22 : Rs.
215 Crores (provisional)
2020-21 'Rs. 201 Crores
2019-20 : Rs.
183 Crores
Astral Limited (Formerly known as Astral Poly Technik Limited)
.
.
Registered & Corporate Office: 207/1,
'Astral House', B/h Rajpath Club, off S. G. Highway, Ahmedabad - 380059, Gujarat, India.
P: +9179 66212000 | F:+9179
6621 2121 | W:astralpipes.com | CIN: L25200GJ1996PLC029134
= gem
Date: April 29, 2022
A. ASTRAL
ASTRAL ENTERS INTO DEFINITIVE AGREEMENTS TO ACQUIRE 51% CONTROLLING STAKE OF GEM PAINTS OPERATING BUSINESS FOR RS. 194 Cr.
We are pleased to inform that as part of Company's strategy to expand its product portfolio under building material segment and strengthen our brand ASTRAL and its Dealer's & Distributors Network, the Board of Directors of ASTRAL has today entered into definitive agreements for acquiring controlling 51% equity stake in operating business of GEM PAINTS PRIVATE LIMITED.
GEM PAINTS was founded in 1980, and has been manufacturing high performance Industrial and Decorative coatings in South India. The company has been consistently performing well, with more than 3000+ dealers and 10 Depots spread across all the states of South India.
GEM
PAINTS enjoy its competitive edge which is derived from its resin manufacturing
capabilities and in-house R&D division. The product quality has always been at the spearhead of the company's policy since its inception.
GEM PAINTS has wide range of diverse portfolio of 28+ brands and 100+SKUs spanning across various price points.
GEM
PAINTS has spread out by recently setting up a state of art plant at Nelamangala
(Karnataka) admeasuring 160,000 Sq. Ft. and has an Annual Capacity of 36,000 K.L. (Post Expansion of Phase II - 60,000 K.L.)
GEM
PAINTS adhere to its highest quality standards
regulations around lead content and VOC.
FINANCIAL HIGHLIGHTS:
Particulars 2019-20
SALES 1829
Adj.EBIDTA 287
CPUCpro
with compliance
to all required
(Rs. In Millions)
Aquar jus'
(SILENCIC)
pRAINMASTER
PEX-arro
2020-21 | |
(Provisional) | |
2010 | 2146 |
362 | 320 |
AquasAre' |
2021-22
BORE-WELLWire Guord @Foamgore FIRErr D-Rex TeleRex MultiRex Peg ASG"
HDPErro
MULTIrro
SOLVOBOND
PRO
SARITA
PESTO>FREE
RESIGRIP
ResiQuick
"-= gem
A. ASTRAL
On this acquisition Mr. Sandeep Engineer - MD of ASTRAL LTD, Quote that "The acquisition
of GEM PAINTS will be a good addition of product portfolio in Astral confident that this will take Astral's Brand value to among Builders, Architects, Consultants, Dealers product synergy within the network."
Product | ||
new | heights and | build |
and | Distributors |
Basket and | am more confidence of the company due to
On this acquisition Mr. Anand Gandotra - Founder & MD hands with the brand ASTRAL is a new chapter & a
of | "Joining | |||
step | in | for | the | growth |
that | take | the | future |
of GEM PAINTS
in all aspects. | have complete faith
of GEM PAINTS to be
ABOUT ASTRAL
ASTRAL is a pioneer
India | plumbing | and | CPVC, PVC |
CPVC | India | innovative |
piping in
GEM PAINTS Quote that the right direction this association will
drainage systems in to introducing many of pipes and fittings development. Astral
a | ||
of | in | India. |
and | DWC |
PAN INDIA brand and envisage a multifold growth."
manufacturing CPVC piping
The company manufactures pro- category. Right from introducing piping solutions, Astral Pipes today offers
the | widest range | for |
for | infrastructure | is |
various applications including specialized products one of the Leading Player in Adhesive & Sealant
Products in India and abroad. Astral entered the
based Seal It Services Ltd manufactures a diversified
Adhesives | category | ||
and | Limited | (Kanpur, | Adhesives |
range | aids. |
in 2014 by acquiring UK- India). Astral
Resinova Chemieof adhesives, sealants, putties, and construction
Recently company has entered into Plastic Water Storage Tank and Planning to enter shortly in Sanitary ware & Faucet Business. Today, Astral is one of the fastest-growing companies in the category of building materials and has been a distinguished brand. Astral deploys best-in-
globe technologies and fulfils mileage to India's developing
the | of | adds | extra |
real | with | quality | and |
emerging needs estate fraternity
millions of households and the hallmark of unbeaten
innovative building materials solutions. Astral has 11 Production Facilities in India and 3 overseas.
Details | ||
Mr. | Hiranand | Savlani |
Chief | Financial | Officer |
Media Contact
079-66212000hiranand@astralcpvc.com
CPVUCrro | Aquarius | (SiLENCIC) | oRAINMASTER | BORE-WELL | PRO |
©@Foamgore' | FIRErro | D-Rex | ASG" | SARITA | |
HDPErro | MULTIrro | SOLVOBOND | PESTO>FREE | ||
RESIGRIP | ResiQuick |
Wire Guord
PEX-arro AquasaAre'
TeleRex MultiRex PRR
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Astral Poly Technik Limited published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 15:26:09 UTC.