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AkzoNobel India to buyback shares worth Rs 235.20 crore

"The Board of Directors of the company in their meeting held on April 6, 2018, has recommended for approval by the shareholders, through postal ballot, a proposal to buy back its own shares by the company from the public shareholders through tender offer," Akzo Nobel India said in a BSE filing.

April 06, 2018 / 03:34 PM IST
Akzo Nobel India Q1 | Loss at Rs 20.26 crore versus profit Rs 57.14 crore, revenue at Rs 258.5 crore versus Rs 719.6 crore YoY. (Image: Reuters)

Akzo Nobel India Q1 | Loss at Rs 20.26 crore versus profit Rs 57.14 crore, revenue at Rs 258.5 crore versus Rs 719.6 crore YoY. (Image: Reuters)

 
 
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Paints and coatings firm AkzoNobel India have sought shareholders approval for buying back about 11 lakh shares for Rs 235.20 crore.

"The Board of Directors of the company in their meeting held on April 6, 2018, has recommended for approval by the shareholders, through postal ballot, a proposal to buy back its own shares by the company from the public shareholders through tender offer," Akzo Nobel India said in a BSE filing.

The company said total buyback size is Rs 235.20 crore and maximum number of shares to be bought back is 11,20,000 at tender offer price of Rs 2,100 per share.

In a separate filing, the company said its board of directors have appointed Jeremy Paul Rowe as a non-executive director of the company with effect from today.

Shares of Akzo Nobel India ended 0.39 percent lower at Rs 1,934 on BSE.
PTI
first published: Apr 6, 2018 03:30 pm

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