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Kansai Paint Co. of Japan increases its stake in Goodlass Nerolac Paints

Forbes Gokak Ltd. has decided to divest its entire shareholding of 28.56 per cent in Goodlass Nerolac Paints to its foreign collaborator Kansai Paint Co. Japan.

A Forbes Gokak statement said here today that the transfer of shares, which will be exempt under the provisions of regulation (iii) of the SEBI (substantial acquisition of shares and takeover) regulations, has been priced at Rs 250 a share of Rs 10 face value.

The proposed transfer of Forbes Gokak Ltd shareholding in Goodlass Nerolac to Kansai is in accordance with the terms of the original shareholding agreement between the two parties, under which either one is required to offer its shareholding to the other in the first instance.

The transfer is subject to government and other approvals as may be required by both parties.

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