Pidilite Industries announced that its wholly owned subsidiary, Pidilite Ventures (PVPL) has agreed to make further investment of Rs. 6 crore in Buildnext Construction Solutions (Buildnext) by subscribing to compulsorily convertible preference shares of Buildnext. The compulsorily convertible preference shares subscribed by PVPL shall upon conversion, along with the existing shares held by PVPL in Buildnext, not exceed 28% of the issued and paid up share capital of Buildnext, on a fully diluted basis. The nature of subscription will be cash. The investment is being made at a mutually agreed pre-money enterprise valuation, which has not been disclosed herein due to reasons of confidentiality.
In a recent regulatory filing, Pidilite Industries announced the successful launch of its state-of-the-art manufacturing facilities in Amod, Gujarat, through its joint ventures Pidilite Litokol Pvt Ltd (PLPL) and Tenax Pidilite Pvt Ltd (TPPL)