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Akzo Nobel gains on receiving nod to sell Specialty Chemicals Business

08 Nov 2017 Evaluate

Akzo Nobel India is currently trading at Rs. 1829.00, up by 19.25 points or 1.06% from its previous closing of Rs. 1809.75 on the BSE.

The scrip opened at Rs. 1829.00 and has touched a high and low of Rs. 1829.00 and Rs. 1829.00 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 2095.00 on 27-Apr-2017 and a 52 week low of Rs. 1328.00 on 16-Jan-2017.

Last one week high and low of the scrip stood at Rs. 1943.00 and Rs. 1803.10 respectively. The current market cap of the company is Rs. 8,771.94 crore.

The promoters holding in the company stood at 72.96%, while Institutions and Non-Institutions held 10.49% and 16.55% respectively.

Akzo Nobel India has received an approval for sale and transfer of the company’s Specialty Chemicals Business to an affiliate of AkzoNobel N.V., Netherlands, as going concern on a slump sale basis for a consideration of Rs 320 crore. The sale is expected to be completed by March 2018.

The board of directors at its meeting held on November 7, 2017 approved for the same. The said transaction is subject to approval of the shareholders and other approvals from statutory and regulatory authorities, if any.

Akzo Nobel India (previously known as ICI India) is engaged in manufacturing and marketing of paints, speciality chemicals and adhesives.


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