Pidilite Industries announced in a regulatory filing that it has entered into a definitive agreement with Tenax, Italy for acquiring 70% share capital of Tenax India Stone Products for approximate Rs 80 crore.
The acquisition will enable Tenax India to fully leverage the sales, distribution and marketing the capability of the company in India and SAARC markets.
Tenax India, is a subsidiary of Tenax Italy engaged in the sales and distribution of Tenax Italy products for the retail market in India.
Shares of Pidilite Industries were trading 1.44% lower at Rs 1533.05 on BSE. The stock surged 4.83% in last one month compared to a 5.82% fall in benchmark Nifty 50 index.
Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (do-it-yourself) products and polymer emulsions in India.
