NEW DELHI: Leading paint company Asian Paints on Wednesday sold its entire 4.42% stake in Akzo Nobel India Limited. The transaction took place through a bulk deal at a price of Rs 3,651 per share, amounting to a total deal value of about Rs 734 crore.
“This is to inform you that the Company has, today, sold its entire holding of 2,010,626 equity shares in Akzo Nobel India Limited, representing 4.42% of its paid-up share capital. The sale was executed at a price of Rs. 3,651 per share through the bulk deal mechanism,” said Asian Paints in a regulatory filing.
The exit of Asian Paints from Akzo Nobel India comes days after JSW Paints' announced plans to acquire the Dulux maker.
JSW Paints last month entered into definitive agreements to acquire up to 74.76% stake in Akzo Nobel India from Akzo Nobel N.V. and its affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crores.