Shake-Up in the Paints Industry: AkzoNobel India Stake Sold

Imperial Chemical Industries sold a 9% stake in AkzoNobel India for Rs 1,296 crore. Additionally, Goldman Sachs Asset Management increased its stake to 1.79% by purchasing 0.74% shares for Rs 105 crore. Shares fell by 13.63% after a major acquisition by JSW Paints.

In a significant transaction within the paints industry, Imperial Chemical Industries divested a 9% stake in AkzoNobel India, generating Rs 1,296 crore through an open market sale.

The National Stock Exchange's bulk deal data revealed that over 40.97 lakh shares were offloaded at an average price of Rs 3,163.50 each. Meanwhile, Goldman Sachs Asset Management expanded its stake in the company, boosting its holdings to 1.79% by acquiring an additional 0.74% of shares for Rs 105 crore.

Despite these transactions, AkzoNobel India's shares saw a decline, dropping by 13.63% to close at Rs 3,130 on the NSE. This drop followed last week's completion of JSW Paints' acquisition of a 60.7% majority stake, positioning JSW Paints as the new promoter of the company.

(With inputs from agencies.)