Akzo Nobel India Shares Tumble 15 Pc On Rs 1,640 Crore Block Deal Buzz

(MENAFN- IANS) Mumbai, Dec 17 (IANS) Akzo Nobel India shares fell sharply on Wednesday, sliding nearly 15 per cent to around Rs 3,080 apiece, after reports of a large block deal worth about Rs 1,640 crore hit the market.

According to multiple reports, around 5.19 million shares of Akzo Nobel India Limited were traded in a block deal.

The shares, which represent about 11.4 per cent of the company's total equity, were sold at a price of Rs 3,159 per share, taking the total deal value to nearly Rs 1,638.5 crore.

The identities of the buyers and sellers involved in the transaction were not immediately known, the report said.

The sharp fall in the stock price came a day after reports suggested that Akzo Nobel's promoter, Imperial Chemical Industries, was planning to sell up to a 9 per cent stake in the company through a block deal.

That proposed sale was said to be worth about Rs 1,290.6 crore, with a floor price of Rs 3,150 per share, which was roughly a 13 per cent discount to Tuesday's closing price.

As of the end of the September quarter, Imperial Chemical Industries held a 45.46 per cent stake in Akzo Nobel India.

The recent block deal appears to be largely in line with market expectations following the reports of a potential stake sale.

The stock has also been in focus due to recent changes in the company's ownership.

Earlier this month, JSW Paints acquired a 60.7 per cent controlling stake in Akzo Nobel India, becoming the new promoter.

With this acquisition, JSW Paints, which is just five years old, has emerged as the third-largest player in India's decorative paints market when combined with Akzo Nobel India's business.

On the financial front, Akzo Nobel India reported a sharp jump in consolidated net profit for the July–September quarter.

The company posted a net profit of Rs 1,682 crore, compared with Rs 97 crore in the same period last year.

However, this surge was mainly due to a one-time exceptional gain of Rs 1,874 crore booked during the quarter.

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