Kolkata: Paint maker Akzo Nobel India Ltd on Friday said it had decided to buyback up to 1.12 million shares for Rs2,100 each through the tender route.
The company has budgeted payment of up to Rs235.2 crore for the buyback, which is planned to return surplus cash to non-promoter shareholders.
Akzo recently sold its speciality chemicals business for Rs320 crore, and it is the company’s policy to distribute among shareholders such exceptional gains, said a spokesperson for the company.
Akzo Nobel’s shares closed on BSE at Rs1,909.10 each, down 1.57%, in a flat market. Post buyback, the promoter holding in the company will go up to 74.7% from 72.96% at present.
