Business Transfer Agreement Between Nerofix Private Limited, Polygel Industries Private Limited ('Polygel'), Promoters Of Polygel And Kansai Nerolac Paints Limited ('KNPL')

• Security Code: 500165
• Company: KANSAINER

In furtherance of the intimation dated May 7, 2019 w.r.t. the Joint Venture Agreement ('JVA') between KNPL and Polygel, we wish to inform you that today i.e. on August 21,2019, a Business Transfer Agreement ('BTA') has been entered into by and between Nerofix Private Limited (incorporated in terms of the JVA, paid-up equity share capital of which is held by KNPL and Polygel in the ratio of 60:40), Polygel, Promoters of Polygel and KNPL.

Please note that in terms of the provisions of the BTA, the adhesives,construction chemicals and sealants business of Polygel would be transferred to Nerofix Private Limited, free from any Encumbrances (other than as specifically stated in the BTA) as a going concern on Slump Sale Basis, on the Closing Date, upon payment of the proposed transfer consideration of Rs. 20 Crores by Nerofix Private Limited, subject to such adjustments and satisfaction of the conditions precedent as may be required in terms of the provisions of the BTA.