Asian Paints sells entire 4.42% stake in Akzo Nobel India for Rs 734 cr
Asian Paints Limited on Wednesday sold its entire 4.42% stake in Akzo Nobel India Limited, holding 20,10,626 equity shares of the company's paid-up share capital.
The transaction was executed through a bulk deal at a price of Rs 3,651 per share, amounting to a total deal value of approximately Rs 734 crore.
With this, Asian Paints said that the company has fully exited its investment in Akzo Nobel India. The sale comes amid heightened activity in the paints sector, especially after JSW Paints' acquisition of the Dulux maker for Rs 8,986 crore.
Under the agreement with JSW, the Dutch company will sell its stake through two promoter entities, Imperial Chemical Industries Ltd, which holds 50.46% of Akzo Nobel India and is classified as a holding/promoter entity and Akzo Nobel Coatings International B.V., which holds 24.30%, also classified as a holding/promoter entity.
Asian Paints share closed at Rs 2,498.75 on Wednesday, up 0.57% from the previous close.
India’s Rs 90,000-crore paint market is currently dominated by major players such as Asian Paints, Birla Opus, Berger Paints, Kansai Nerolac, Indigo Paints, and Akzo Nobel India.
A major disruption in this highly competitive space came with the entry of the Aditya Birla Group’s Birla Opus, which launched operations in February 2024.
The transaction was executed through a bulk deal at a price of Rs 3,651 per share, amounting to a total deal value of approximately Rs 734 crore.
With this, Asian Paints said that the company has fully exited its investment in Akzo Nobel India. The sale comes amid heightened activity in the paints sector, especially after JSW Paints' acquisition of the Dulux maker for Rs 8,986 crore.
Under the agreement with JSW, the Dutch company will sell its stake through two promoter entities, Imperial Chemical Industries Ltd, which holds 50.46% of Akzo Nobel India and is classified as a holding/promoter entity and Akzo Nobel Coatings International B.V., which holds 24.30%, also classified as a holding/promoter entity.
Asian Paints share closed at Rs 2,498.75 on Wednesday, up 0.57% from the previous close.
India’s Rs 90,000-crore paint market is currently dominated by major players such as Asian Paints, Birla Opus, Berger Paints, Kansai Nerolac, Indigo Paints, and Akzo Nobel India.
A major disruption in this highly competitive space came with the entry of the Aditya Birla Group’s Birla Opus, which launched operations in February 2024.
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