Shares of Akzo Nobel India Ltd traded marginally higher on Tuesday, September 24, closing at ₹3,400.70, up 0.24%, after a large block deal hit the exchanges.
According to exchange data, around 12.4 lakh shares, representing nearly 4.99% stake in the company, changed hands in a single block trade. The deal is estimated at ₹743 crore, with the shares exchanged at an average price of ₹3,261.8 apiece.
Market sources suggest that Imperial Chemical Industries (ICI) was the likely seller in this transaction. The block deal comes after earlier reports indicated that ICI intended to offload up to 5% stake in Akzo Nobel India through such a route. The offer size was pegged at ₹742.7 crore, with a floor price set at ₹3,261.80 per share, representing a discount of nearly 4% to the company’s previous closing level. Post-transaction, the seller is expected to be subject to a 30-day lock-up on its residual holding.
Akzo Nobel India, part of the global paints and coatings giant, operates across a wide spectrum including decorative paints, automotive coatings, industrial coatings, marine, protective, yacht coatings, and powder coatings. For FY25, the company reported revenues from operations of ₹4,091.21 crore.
