Akzo Nobel India rises on share buyback plans

Akzo Nobel India is trading higher by 5% to Rs 880 after the company announced buyback of its own equity shares from public shareholders.

The board of directors of the company will meet on May 21, to consider a proposal to buy-back its own shares by the company.

“The board will also consider the audited financial results of the company for the year ended March 31, 2012; and recommendation of dividend for the said financial year,” Akzo Nobel India said in a filing to the stock exchanges.

The stock opened at Rs 882 and hit a high of Rs 916 on the National Stock Exchange. A combined 72,590 shares have changed hands on the counter so far, against an average sub 25,000 shares that were traded daily in past two weeks on both the exchanges.