Asian paints
Asian Paints, the country’s largest paint company, has earned Rs 734 crore in one stroke. With this decision of Asian Paints, the rest of the competition company has been watching. Let us tell you that on Wednesday, Asian Paints sold their 4.42 percent stake in Akzo Nobel India for Rs 734 crore, due to which the shares of Asian Paints saw a boom. Let’s know why Asian Paints took this decision.
How many sales did Asian Paints share?
Aczo Nobel India’s Asian Paints had 20,10,626 shares, with the company’s 4.42% stake in the Asian Paints. The deal was done through a big deal simultaneously, in which the price of each share was Rs 3,651 and the price of the entire deal was about Rs 734 crore. After which there is no investment left for Asian Paints in Akzo Nobel India.
Asian paints hit the spot
Asian Paints have sold their stake in Oxo Nobel India at a time when there is a sharp movement in the paint industry, especially the Dulux brand -making company by JSW Paints for Rs 8,986 crore. Under the deal with JSW, the Dutch Company (Akzo Nobel) will sell its stake through two promoter companies. Imperial Chemical Industries Limited (which holds 50.46% stake), and Akzo Nobel Coatings International BV. (Which has 24.30% stake).
Asian Paints shares rise
On Wednesday, the Asian Paints stock closed at Rs 2,498.75, which was 0.57% above the previous day. India’s paint market is about Rs 90,000 crore, including big companies such as Asian Paints, Birla Ops, Berger Paints, Nippon Paints (Kansai Nerolcal), Indigo Paints and Akzo Nobel India. The recent stir in this match increased when Aditya Birla Oppus, a company of Birla Group, made its debut in February 2024.