Major Stake Shift: Akzo Nobel India's Strategic Buyouts

Goldman Sachs, Morgan Stanley, and others acquired a 5% stake in Akzo Nobel India for Rs 765 crore. This transaction involved buying 22.77 lakh shares at Rs 3,358.80 each. Imperial Chemical Industries sold shares, reducing its stake to 45.46%. JSW Paints plans a majority acquisition to expand its position in the paint industry.

In a notable financial maneuver, Goldman Sachs, Morgan Stanley, and several other entities have secured a 5% stake in Akzo Nobel India. The transaction, worth nearly Rs 765 crore, was executed via open market deals. This significant purchase involved acquiring over 22.77 lakh shares at an average price of Rs 3,358.80 each.

Imperial Chemical Industries, a major promoter of Akzo Nobel India, divested its shares, thereby reducing its stake from 50.46% to 45.46%. Consequently, the overall promoter shareholding experienced a dip to 69.76% from the previous 74.76%.

The share prices of Akzo Nobel India witnessed a slight uptick, closing at Rs 3,399.80. This development follows the Competition Commission of India's approval of JSW Paints' proposition to acquire a majority stake, marking a major stride in the Indian paint sector.

(With inputs from agencies.)