Asian Paints Limited said that it has sold its entire 4.42 per cent paid-up share capital, representing 20,10,626 equity shares, in Akzo Nobel India Limited.
MUMBAI — Asian Paints Limited on Wednesday said that it has sold its entire 4.42 per cent paid-up share capital, representing 20,10,626 equity shares, in Akzo Nobel India Limited.
In a stock exchange filing, it said "The Company has, today, sold its entire holding of 20,10,626 equity shares in Akzo Nobel India Limited, representing 4.42 per cent of its paid-up share capital”.
For INR 3,651 per share, the transaction was carried out in bulk, with a total deal value of roughly INR 734 crore.
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"The sale was executed for INR 3,651 per share through the bulk deal mechanism," as per the exchange filing.
The sale occurs at a time when the paint industry is experiencing increased activity, particularly following JSW Paints' INR 8,986 crore purchase of the Dulux manufacturer.
Meanwhile, Asian Paints shares ended in positive territory at INR 2,497.30, up 0.51 per cent.
The scrip gained around 1.5 per cent to hit an intra-day high of INR 2,535.0 during the trading hours after international brokerage house Jefferies upgraded its rating to 'Buy' from Underperform. The brokerage firm set the target price target at Rs 2,830 per share for the paint stock.
Meanwhile, Akzo Nobel India shares traded lower to close at INR 3,627.0, down 1.56 per cent.
Major companies like Asian Paints, Birla Opus, Berger Paints, Kansai Nerolac, Akzo Nobel India, and Indigo Paints currently control the INR 90,000-crore paint market in India. The Aditya Birla Group's Birla Opus, which began operations in February 2024, caused a significant upheaval in this fiercely competitive market.
In the quarter that ended in March 2025, the paint manufacturer saw a 45 per cent year-over-year decline in consolidated net profit, reaching INR 692.13 crore. Additionally, the business disclosed a one-time expense of INR 183 crore.