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| Exchange Disseminated Time | | With reference to the Press Release issued on April 28, 2016, a copy of which is attached, Berger Paints India Ltd has informed BSE that the turnover of the Business which is to be transferred is about Rs. 29 crores (about 0.85% of the total turnover of the Company). The Business will be transferred on a slump sale basis at a consideration of Rs. 90 crores, payable in cash, within a period of 180 days from the date of the agreement. The buyers i.e. BNB Coatings India Private Limited (“BNB"), do not belong to the promoter group. By virtue of being an associate company where Berger Paints India Limited holds 49% of the paid up share capital, BNB may be deemed to be a related party and the transaction has been done at an arm's length basis. |
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