Board of Directors of Harind Chemicals and Pharmaceuticals Private Limited ( Harind ), a subsidiary of the Company, and Nova Surface-Care Centre Private Limited ( Nova ), a wholly-owned subsidiary of Harind, at their respective meetings held today i.e., Tuesday, 24th March 2026, have, inter alia, approved the Scheme of Amalgamation of Nova ( Transferor Company ) with Harind ("Transferee Company").
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The boards of Harind Chemicals and Pharmaceuticals (a 51% subsidiary of Asian Paints) and its wholly-owned subsidiary Nova Surface-Care Centre have approved a scheme to merge Nova into Harind. Nova is a small testing services company with a net worth of just Rs. 0.49 crore and turnover of Rs. 0.08 crore, while Harind has a net worth of Rs. 18.81 crore and turnover of Rs. 37.87 crore. Since Harind already owns all of Nova's shares, no cash or share consideration is involved — Nova's shares will simply be cancelled upon the scheme taking effect. The merger is aimed at streamlining operations, reducing compliance costs, and consolidating management, as Nova's lab capacity is used almost exclusively by Harind. Asian Paints has stated the amalgamation will have no material impact on its own financials.
This is a minor internal restructuring at the subsidiary level and is not expected to affect Asian Paints' earnings, shareholding, or stock price in any meaningful way. Shareholders should view this as routine housekeeping with no action needed.