Asian Paints divests entire stake in Akzo Nobel India for ₹734 crore

Mumbai-based Asian Paints on Wednesday divested its entire stake of 2.01 million equity shares in Akzo Nobel India Limited, the makers of the Dulux brand, amounting to 4.42 per cent of the company's total shares.

 

The transaction, executed via the bulk deal mechanism at ₹3,651 per share, fetched Asian Paints approximately ₹734 crore, the company said in a BSE filing.

 

The stake sale follows the announcement made on June 27 by JSW Paints, led by billionaire Sajjan Jindal, to acquire up to 74.76 per cent stake in Akzo Nobel India for ₹8,986 crore. The acquisition included a 50.46 per cent stake from Imperial Chemical Industries Ltd and 24.3 per cent from Akzo Nobel Coatings International B.V. at ₹2,762.05 per share.

 

JSW Paints and its affiliates had also announced an open offer to acquire an additional 25.24 per cent from public shareholders at ₹3,417.77 per share, valued at ₹3,929 crore. The company had said that the final acquisition will be adjusted to comply with the 75 per cent promoter holding cap.  ALSO READ: It's natural for JSW Paints, AkzoNobel India to merge ops: Parth Jindal

 

Shares of Akzo Nobel India closed at ₹3,627 on Wednesday, down 1.56 per cent from the previous close.

Akzo Nobel Q4 result

Akzo Nobel reported a marginal decline in consolidated net profit at ₹108.4 crore in Q4FY25. It posted a consolidated net profit of ₹108.7 crore in the same quarter previous fiscal year.

 

Consolidated revenue from operations in Q4 stood at ₹1,022.1 crore as against ₹973.4 crore in the year-ago period. Total expenses during the quarter were higher at ₹887.3 crore compared to ₹836.7 crore in the corresponding period a year ago.