Akzo Nobel India Shares Trade Flat After Rs 765 Crore Block Deal By Imperial Chemical

Akzo Nobel India Share Price: Akzo Nobel India Ltd shares fell marginally on Wednesday, around noon, after shares worth Rs 765 crore changed hands in the pre-open block window. About 5% outstanding equity

at Rs 3,359 per share exchanged hands.

On Tuesday, sources told CNBC-TV18 that Imperial Chemical Industries was set to sell 5% of its stake in the paint maker via a block deal for ₹742.7 crore with a floor price of ₹3,261.80 per share.

At 12:40 pm, shares of Akzo Noble India Ltd traded at Rs 3,388 per share with a fall of 0.11 per cent. The shares opened in the positive zone at Rs 3,400, against the previous day closing at Rs 3,392 per share.

At the end of the June quarter, promoter Imperial Chemicals Industries held 50.46% stake in Akzo Nobel, as per data available on the exchanges.

Last week, Akzo Nobel India told CNBC-TV18 that it is preparing an expansion drive to strengthen its presence in the country’s paints market, with a focus on the underpenetrated mass economy segment. The company aims to raise its market share from the current 4–5% to about 7–7.5% in the near term, while targeting medium-term revenues of Rs 10,000 crore.