Pidilite Industries said that the board of directors of the company has approved acquisition of the adhesive business of Blue Coat. The acquisition will be on a slump sale basis for a cash consideration of Rs 2.63 billion.

Pidilite Industries is the largest adhesive manufacturer in India. It also has worldwide presence in adhesives, art material, construction chemicals and other industrial chemicals.

Shares of the company declined Rs 0.45, or 0.11%, to settle at Rs 393.50. The total volume of shares traded was 12,631 at the BSE (Monday).