Net profit of Berger Paints India rose 67.15% to Rs 194.66 crore in the quarter ended September 2019 as against Rs 116.46 crore during the previous quarter ended September 2018. Sales rose 7.28% to Rs 1598.58 crore in the quarter ended September 2019 as against Rs 1490.06 crore during the previous quarter ended September 2018.

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Berger Paints India has acquired 91.94 % of the paid-up equity share capital of STP out of 95.53% to beacquired by the Company. The balance 3.59% of the paid-up equity share capital is intended tobe acquired shortly, as per the Share Purchase Agreement entered between the parties.

STP has thus become a subsidiary of Berger Paints India with effect from 1November, 2019.

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Berger Paints India will hold a meeting of the Board of Directors of the Company on 5 November 2019.

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The Board of Berger Paints India at its meeting held on 15 October 2019 has approved the purchase of 1,88,63,180 equity shares of STP representing 95.53% of the paid-upequity share capital of STPL. The balance 4.4 7% of the paid-up equity share capital of STPL will beheld by the existing shareholders of STPL.

STPL is an unlisted public company incorporated under the Indian Companies Act, 1913 and having its registered office at 6 Lyons Range, Kolkata-700001. It is engaged in carrying out the business of manufacturing and supplying of a wide range of constructionchemicals, concrete admixtures, waterproofing .chemicals, flooring compounds, bitumen and coal tar based products, sealants and adhesives, protective and anti-corrosive coatings, etc.

The business and the expertise of STPL can gainfully supplement the Company's existingbusinesses, where the two entities can combine their strengths and collaborate in the areas ofmanufacturing, selling, distribution, procurement, technology, etc., resulting in mutual benefit toboth the companies.

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