Asian Paints Limited sold its entire 4.42% stake in Akzo Nobel India Limited on Wednesday, comprising 20,10,626 equity shares worth approximately ₹734 crore. The transaction was executed through a bulk deal at ₹3,651 per share, marking Asian Paints' complete exit from its investment in the company.
The sale occurs amid heightened activity in the paints sector following JSW Paints' ₹8,986 crore acquisition of Dulux maker Akzo Nobel India. Under the JSW agreement, the Dutch company will sell its stake through two promoter entities holding 74.76% combined.
Asian Paints shares closed at ₹2,498.75, up 0.57%. India's ₹90,000-crore paint market features major players including Asian Paints, Birla Opus, Berger Paints, and Kansai Nerolac.
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