Asian Paints announced that the company's wholly owned subsidiary Asian Paints (International) Mauritius, (APIL) has signed an agreement with the shareholders of Kadisco Chemical Industry PLC, Ethiopia to acquire either directly or through its subsidiaries, 51% of the equity share capital of Kadisco.

"This acquisition is subject to applicable regulatory and other approvals," it said.

Kadisco is engaged in the manufacturing and selling of paints, other coatings and adhesives in Ethiopia.

Shares of the company declined Rs 3.95, or 0.73%, to trade at Rs 538. The total volume of shares traded was 23,314 at the BSE (12.17 p.m., Tuesday).