Pidilite Industries Ltd. intends to set up a lending business by acquiring Pargro Investments Pvt. for Rs 10 crore from the company's promoters.
The credit will be provided by the company in the form of small-value retail loans, which will help in the growth of multiple businesses in the ecosystem, according to its exchange filing.
Pargro will be acquired by the company under a share-purchase agreement by March 31, 2024. Pidilite also plans to invest up to Rs 100 crore in a span of two years for the growth of the new business, it said.
Pargro Investments belongs to the company's promoter group.
Shares of Pidilite Industries closed 1.46% higher at Rs 2,473.05 apiece on the BSE, as compared with a 0.05% rise in the benchmark Sensex.
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