Goldman Sachs, Morgan, others buy 5% stake in Akzo Nobel for ₹765 cr

Goldman Sachs, Morgan Stanley, and other entities picked up a 5 per cent stake in Dutch paint maker Akzo Nobel India for nearly Rs 765 crore through open market transactions on Wednesday.

Citigroup Global Markets Mauritius, Nippon India Mutual Fund (MF), Edelweiss Life Insurance Company, Ward Ferry Management, Societe Generale, Dublin-based Mediolanum International Funds and BNP Paribas Financial Markets are among the entities that have bought stakes in Akzo Nobel India, as per block deal data on the NSE.

These entities have collectively purchased over 22.77 lakh shares or 5 per cent in separate deals.

The shares were bought at an average price of Rs 3,358.80 apiece, taking the combined deal value to Rs 764.80 crore.

Meanwhile, Imperial Chemical Industries, one of the promoters of Akzo Nobel India, offloaded these shares at the same price.

After the stake sale, Imperial Chemical Industries' holding in Akzo Nobel India has come down to 45.46 per cent from 50.46 per cent. The combined shareholding of promoters in the company has also declined to 69.76 per cent from 74.76 per cent.

Shares of Akzo Nobel India rose 0.21 per cent to close at Rs 3,399.80 apiece on the NSE.

Last week, the Competition Commission of India cleared Sajjan Jindal-led JSW Paints' proposal to acquire a majority stake in Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal.

The development came after JSW Paints announced in June this year that it would buy a 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore, followed by an open offer to buy another 25 per cent from the open market for up to Rs 3,929.06 crore, totalling over Rs 12,915 crore, to become the fourth-largest player in the paint industry in the country.