Akzo Nobel India has said that its share buyback programme early this month yielded 1.92 per cent increase in promoter holding. It, however, falls short of the targeted 8.7 per cent.
Post buyback share extinguishment, the promoters – Imperial Chemical Industries Ltd – now have 70.8 per cent, up from 68.88 per cent.
The buyback plan addressed to non-promoters was open from July 2 to July 13. The offer was for a total of 13 lakh shares at a price of Rs 920 a share of Rs 10 each.
Small shareholders’ response to the offer was 24.94 per cent of 1.95 lakh shares reserved, the paints and chemical company said.
Fourteen institutional investors will have token presence in the company at less than one per cent level.
The total non-promoter holding stands reduced to 29.20 per cent from 31.12 per cent in the pre-offer stage.
The stock was ruling down 1.9 per cent at Rs 892 at 2.30 pm on the BSE.
jayanta.mallick@thehindu.co.in