Kajaria Ceramics board approves acquisition of 51% stake in South Asian Ceramic Tiles at Rs28.5 crore

22 Jul 2022 , 11:40 AM

The Board of Directors of Kajaria Ceramics Limited has approved acquisition of 51 % equity shares of South Asian Ceramic Tiles Private Limited, Hyderabad, Telangana (‘South Asian’) at a consideration up to Rs28.50 crore and accordingly, South Asian will become a subsidiary of the Company, on completion of the above acquisition by the Company.

According to the filing, the proposed acquisition is to carry out the business of manufacturing of tiles.

The objective of newly acquisition is to have a foothold in South India thereby enlarging the tiles markets to make more dealers and even to cater small size dealers, by decreasing the transit time and by increasing the re-ordering rotation by the dealers of the Company.

At around 11:41 AM, Kajaria Ceramics was trading at Rs1084.95 per share higher by 1.11% on the BSE. Previously, the scrip ended at Rs1073 per share on the BSE.