Former promoter sells 9 pc stake in AkzoNobel India for Rs 1,296 cr; shares dive over 13 pc

New Delhi, Dec 17 (PTI) Imperial Chemical Industries, a former promoter of AkzoNobel India, on Wednesday sold a 9 per cent stake in the paints manufacturer for Rs 1,296 crore through an open market transaction.

According to the bulk deal data available with the NSE, Imperial Chemical Industries Ltd offloaded a little over 40.97 lakh shares, representing a 9 per cent stake in AkzoNobel India Ltd (ANIL).

The shares were disposed of at an average price of Rs 3,163.50 apiece, taking the deal value to Rs 1,296.09 crore.

Meanwhile, Goldman Sachs Asset Management through its affiliate, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, purchased over 3.35 lakh shares or 0.74 per cent stake in ANIL for Rs 105 crore.

The shares were acquired at an average price of Rs 3,150 per piece, taking the transaction value to Rs 105.67 crore.

After the stake buy, Goldman Sachs Asset Management's holding in ANIL has increased to 1.79 per cent from 1.05 per cent.

Details of the other buyers of AkzoNobel India Ltd's shares could not be ascertained on the exchange.

Shares of AkzoNobel India plunged 13.63 per cent to close at Rs 3,130 apiece on the National Stock Exchange (NSE).

Last week, JSW Paints, a group firm of USD 23 billion Sajjan Jindal-led JSW Group had completed the acquisition of a majority stake of 60.7 per cent in AkzoNobel India, subsequently becoming the promoter of the company.

After the completion of the deal, JSW Paints became the promoter of the company.

In June this year, ANIL had announced entering into a share purchase agreement among Imperial Chemical Industries Ltd and AkzoNobel Coatings International BV (promoters) and JSW Paints, and the subsequent intimation regarding completion of the open offer made in accordance with the Sebi's Takeovers' regulations.

AkzoNobel has retained its powder coatings business and international research centre (R&D). PTI HG KRH MR