Promoter Imperial Chem Industries sells 5% stake in Akzo Nobel for ₹765 crore in block deal

Dulux paint-maker Akzo Nobel India Ltd saw a block deal on Wednesday (September 24) as promoter Imperial Chemical Industries sold a 5% stake in the company for ₹765 crore. The deal was executed at an average price of ₹3,358.8 per share.

Among the buyers, Nippon India acquired 1.8% equity for ₹274 crore, while WF Asian Smaller Companies Fund picked up 1.2% equity for ₹174 crore. Other participants included Goldman Sachs Funds, Baroda BNP Paribas Mutual Fund, Aditya Birla Sun Life Mutual Fund, and several other institutional investors.

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 market, particularly in the underpenetrated mass economy segment.

Also Read: CCI clears JSW Paints’ acquisition of up to 75% stake in Akzo Nobel India

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.

Akzo Nobel India has a presence in a wide range of paints

and coatings segments spanning from decorative paints, automotive and speciality coatings, industrial coatings, marine, protective and yacht coatings to powder coatings. Its revenue from operations in FY25 was ₹4,091.21 crore.

Shares of Akzo Nobel India Ltd ended at ₹3,386.60, down by ₹8.05, or 0.24%, on the BSE.

Also Read: From premium to mass, Akzo Nobel India eyes broader market reach