News

Akzo Block Deal: Shares of Akzo Nobel India Ltd. opened with modest gains on Wednesday, September 24, following a large trade in the pre-open block window. In the deal, 22.77 lakh shares worth Rs 765 crore changed hands at Rs 3,359 per share, accounting for around 5 per cent of the company’s outstanding equity. The identities of buyers and sellers have not been officially disclosed.

According to reports, Imperial Chemical Industries was set to sell 5 per cent of its stake in Akzo Nobel India through the block deal for Rs 742.7 crore, with a floor price of Rs 3,261.80 per share. The remaining stake of the seller will be subject to a 30-day lock-up. As of the end of the June quarter, Imperial Chemical Industries held a 50.46 per cent stake in the company.

Akzo Nobel India has indicated plans to expand in the underpenetrated mass economy segment. The company is targeting to increase its market share from the current 4–5 per cent to around 7–7.5 per cent in the near term, with a medium-term revenue goal of Rs 10,000 crore.

Akzo Nobel India shares had ended the previous session 0.7 per cent lower at Rs 3,392.7 apiece. The block deal and ongoing expansion plans have drawn investor attention, resulting in a positive start to trading on Wednesday.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate affairs, with prior stints at Business ...LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.