Akzo Nobel India foreign promoter to sell ₹1,300 crore stake
pre-market1 source ↓written by the desknot a recommendation
- plans to offload
- 41 lakh shares
- 9% stake
- ₹3,150 per share
- totaling
- ₹1,290 crore
- to the last
- 13% discount
Akzo Nobel India Ltd.'s foreign promoter, Imperial Chemical Industries Ltd., plans to offload 41 lakh shares (around 9% stake) at ₹3,150 per share, totaling ₹1,290 crore. This sale comes at a 13% discount to the last closing price. Citigroup Global Markets is managing the transaction.
This move may impact market sentiment as the total promoter holding stands at 69.76%. The recent clearance for JSW Paints' acquisition proposal adds further context to this strategic divestment.
Not investment advice. For informational purposes only.