Pidilite Industries announced that the parties have closed and completed the acquisition of the adhesive business of Bluecoat. The acquisition was 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 gained Rs 10, or 2.54%, to trade at Rs 403.50. The total volume of shares traded was 30,491 at the BSE (9.50 a.m., Tuesday).