Kansai Nerolac (KNPL) has entered into Share Punhase Agreement (SPA) to acquire 55% of the paid-up equity share capital of RAK Paints, Bangladesh as on the Closing Date ( i.e. the day on which the transaction would be consummated) for a total consideration of Bangladeshi Taka (BDT) 57.26 crores (approximately Rs 458.1 million). This is subject to adjustments for borrowings, working capital and fixed assets as at the Closing Date.

H.M. Bharuka, Vice Chairman and Managing Director, Kansai Nerolac Paints, said that, "With this investment in RAK Paints, Bangladesh, Kansai Nerolac aims to increase its foot print in the SAARC countries. We believe that with our technological support, RAK Paints would grow very fast and would become a significant player in the Bangladesh paint industry. With many 2 Wheeler companies exploring setting up of plant in Bangladesh, going forward even auto and ARF market will also become significant which Kansai Nerolac would like to explore.''

Shares of the company declined Rs 2.75, or 0.57%, to trade at Rs 483.00. The total volume of shares traded was 4,973 at the BSE (9.37 a.m., Wednesday).