Kansai Nerolac gains on acquiring Perma Construction Aids
Shares of Kansai Nerolac advanced over 1 per cent in Friday’s trade after the company entered into a share purchase agreement (SPA) to acquire 100 per cent equity stake in Perma Construction Aids for a total consideration of Rs 29.10 crore.
Following the announcement, the stock rose 1.33 per cent to hit a high of Rs 486.25 on BSE.
“Kansai Nerolac is expanding its range so as to provide complete solution to our customers. Construction chemical is complementary to paints and has synergies with paints distribution networks. The company will be strengthening its existing product portfolio with this acquisition,” said HM Bharuka, vice chairman and managing director at Kansai Nerolac Paints.
Perma Construction Aids, incorporated in the year 1997, is engaged in construction chemical business with product range encompassing water-proofing, adhesives, epoxy and admixtures.