Last Updated: January 12, 2023, 15:24 IST
Kamdhenu Ventures, the paints business of Kamdhenu Group, will be listed on the stock exchanges BSE and NSE later this month.
The paints division was separated from the steel business of the group last year for better management focus and operational flexibility, its CMD Satish Agarwal said, citing reasons for the demerger.
There are plans to raise Rs 200 crore through multiple routes and expand the paints business post listing, the CMD said.
The group also aims to garner a revenue of Rs 1,000 crore from the paints segment over the next five years, he said.
“Kamdhenu Ventures has also issued 2,69,35,500 shares of Rs 5 each in the ratio of 1:1 towards the consideration for demerger to the shareholders of Kamdhenu Ltd having shares on 7th September 2022 being the record date,” Group CFO Harish Agarwal said.
The new venture had received the in-principle approval for listing from the BSE and NSE in November 2022, the CFO said.
Kamdhenu has its paint manufacturing plant at Chopanki in Rajasthan where it makes interior and exterior emulsions, stainers, colourants, designer paints, construction chemicals, waterproofing chemicals and other water-based specialty products.
It also outsources medium- and low-range products like distempers, enamel and putty from manufacturing units in Rajasthan, Uttar Pradesh, Haryana and Punjab.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)