Akzo Nobel India shares worth ₹765 crore change hands in block deal; Stock in focus

Shares of Akzo Nobel India Ltd. have opened with modest gains on Wednesday, September 24, after a large trade took place in the stock in the pre-open block window.

As many as 22.77 lakh shares of Akzo Nobel India. worth ₹765 crore changed hands at ₹3,359 per share in block deals on Wednesday, September 24. The number of shares that changed hands, amount to 5% of the outstanding equity.

Buyers and sellers in the transaction are not officially known.

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.

Sources said the seller would remain subject to a 30-day lock up on its remaining stake after the transaction.

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 it was gearing up for an expansion strategy to capture a larger share of the country's paint maker, particularly in the underpenetrated mass economy segment.

The company said it is aiming at scaling its market share from the present 4-5% to around 7-7.5% in the near-term, with a medium-term revenue goal of ₹10,000 crore.

Shares of Akzo Nobel ended the previous session 0.7% lower at ₹3,392.7 apiece.

Also Read: VIP Industries shares in focus after MD Neetu Kashiramka resigns, board approves successor