Akzo Nobel India foreign promoter to sell ₹1,300 crore stake
Imperial Chemical Industries plans to sell 41 lakh shares of Akzo Nobel India at ₹3,150 each, totaling ₹1,290 crore. This sale occurs amid a backdrop of significant stake acquisition proposals in the company.
after close1 source ↓written by the desknot a recommendation
- approximately
- 41 lakh shares
- approximately
- 9% stake
- ₹3,150 per share
- to the last
- 13% discount
- value
- ₹1,290 crore
Imperial Chemical Industries Ltd., the foreign promoter of Akzo Nobel India Ltd., is set to offload 41 lakh shares (approximately 9% stake) at ₹3,150 per share, a 13% discount to the last closing price. The total transaction value is around ₹1,290 crore. Citigroup Global Markets is managing the deal, which could impact market sentiment for the stock.
The promoter's holding stands at 69.76% as of September 2023, with Imperial owning 45.46%. This follows a recent ₹12,915 crore acquisition proposal by JSW Paints for a majority stake in Akzo Nobel India.
Not investment advice. For informational purposes only.