Asian Paints gets board nod to amalgamate subsidiary

MUMBAI: Paint manufacturer Asian Paints on Monday said its board has accepted the scheme of amalgamation of Technical Instruments Manufacturers (India) Ltd, its wholly owned subsidiary, with itself.

Technical Instruments Manufacturers (India) Ltd owns the building that houses the company's corporate office and it has no income except the rent it receives from the company, Asian Paints said in a filing to the BSE.

The scheme would be subject to necessary approvals and sanctions, the filing added.

Shares of Asian Paints were trading at Rs 770, down 0.50 per cent on the Bombay Stock Exchange.