Asian Paints exits Akzo Nobel India; sells 4.42% stake for ₹734 crore
Asian Paints
on Wednesday exited Dulux paint-maker
Akzo Nobel India
by selling its entire 4.42 per cent stake in the company for Rs 734 crore through an open market transaction.
In a regulatory filing on Wednesday, Asian Paints said it "has sold its entire holding of 20,10,626 equity shares in Akzo Nobel India Ltd, representing 4.42 per cent of its paid-up share capital". The sale was executed at Rs 3,651 per share through the bulk deal mechanism, it added.
Last month, Sajjan Jindal's
JSW Paints
announced the acquisition of Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal to become the fourth-largest player in the paint industry in the country.
JSW Paints will buy a 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore and launch an open offer to buy another 25 per cent from the open market for up to Rs 3,929.06 crore.
According to the bulk deal data on the NSE, Asian Paints sold 20,10,626 shares, amounting to a 4.42 per cent stake in Gurugram-based Akzo Nobel India. The shares were disposed of at an average price of Rs 3,651 apiece, taking the transaction value to Rs 734.08 crore.
Meanwhile, ICICI Prudential Mutual Fund and Eastspring Investments India Consumer Equity Open Ltd purchased a total of 9.5 lakh equity shares or 2.1 per cent stake in Akzo Nobel India.
These shares were picked up at the same price, taking the deal value to Rs 346.92 crore, as per the data on the National Stock Exchange (NSE).
Eastspring Investments is a subsidiary of British multinational insurance and asset management firm Prudential.
Details of the other buyers of Akzo Nobel India's shares could not be ascertained on the exchange.
Shares of Akzo Nobel India slipped 1.56 per cent to close at Rs 3,627 apiece on the NSE.
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