On Monday, Asian Paint’s share price fell in early morning trade as the company attained an additional stake in Obgenix Software Private Limited under White Teak.
Asian Paints acquired a further 11% of the equity share capital of White Teak for a contemplation of about Rs 54 crores from the promoters.

In April 2022, the company took 49% of the equity share capital of Obgenix Software Private Limited from Mr Pawan Mehta and Mr Gagan Mehta, the promoters of White Teak, for a consideration of about Rs 180 crore.

White Teak has developed a subsidiary of Asian Paints as a business and now holds 60% (2,40,600 equity shares with a face value of Rs 10 each) of White Teak’s equity share capital.

Asian Paints compensated an earn-out of about Rs 59.5 crore based on the accomplishment of mutually agreed financial marks to the promoters of White Teak.
White Teak is a private firm engaged in designing, trading or dealing in all types and accounts of decorative lighting products and fans, etc.

The remaining 40% of the equity share capital would be developed during FY25 – 2026 for a maximum deliberation of Rs 360 crore.
At 9:37 am, Asian Paints was trading at Rs 3,294.00, fell Rs 3.70, or 0.11% on the BSE.

The share moved a 52-week high of Rs 3,590 and a 52-week low of Rs 2,677.65 on 28 September 2022 and 29 June 2022, respectively.
It trades 8.25% below its 52-week high and 23.02% above its 52-week low.