Asian Paints has sold its entire stake in Azko Nobel India. The company has sold 17.9 lakh shares of Dulux Paint maker for Rs 754 crore, says a CNBC-TV18 report.
The transaction amounts to 4.42 percent of Azko Nobel India’s shares. As per the report, Asian Paints sold the stake at a price of Rs 3,662 per share.
The Asian Paints’ sale of Azko Nobel India shares comes in the middle of a shakeup in the paint industry. Earlier, on June 27, JSW Paints acquired a 74.76 percent stake in Azko Nobe India for a whopping $1.6 billion. Additionally, JSW Paints launched a public tender to acquire the remaining share of Azko Nobel India at a price of Rs 3417.77 per share.
Another major disinvestment in the paint sector came in mid-June when Reliance Industries sold its 4.52 percent stake in Asian Paints. In two block deals, Reliance Industries sold 4.35 crore of Asian Paints to SBI Mutual Fund and ICICI Mutual Fund for an amount of Rs 9579 crore.
Azko Nobel India share price movement
After the big disinvestment from Asian Paints, the largest paint company in India by market share, Azko Nobel India’s stock fell by 1.56 percent on Wednesday. Azko Nobel’s stock opened at Rs 3680 on Wednesday morning and fell to the day’s lowest Rs 3600 by 03:25 PM. However, in the last minutes, the stock managed to gain a bit and closed at Rs 3627.
On the other hand, Asian Paints shares surged by 0.51 percent in the aftermath of the stake sale. The stock went up as much as Rs 2533 in the day and closed at Rs 2497.30.