Astral to acquire a 51% stake in Gem Paints for $25m.

Astral, a CPVC pipes and fitting manufacturer company, agreed to acquire a 51% stake in Gem Paints, a manufacturer and supplier of various types of paints, varnishes, and coatings, for $25m. “Pursuant to Optionally Convertible Debenture Subscription Agreement, Astral shall acquire board control of Gem Paints Private Limited by way of appointing majority directors on the board of Gems Paints Private Limited. Accordingly, Gem Paints shall become subsidiary of Astral upon completion of certain pre-closing conditions," Astral.