The business includes the Mahad manufacturing facility for polymer chemistry range of products.
Shares of Akzo Nobel India rose 1 percent intraday Wednesday as it has recommended to sale its specialty chemical business.
The board of directors of the company has recommended the sale of its specialty chemicals business as a going concern to an affiliate of the AkzoNobel Group, subject to approval of the shareholders.
The total consideration to be received from this sale will be Rs 320 crore, subject to adjustment for working capital.
The business includes the Mahad manufacturing facility for polymer chemistry range of products.
The transaction is likely to be completed by March 31, 2018, after obtaining the approval of Akzo Nobel India’s shareholders through postal ballot and other statutory approvals as may be required.
The board of directors believes it will be in the best interest of the shareholders, concerned employees and customers that the India specialty chemicals business is also divested to the said Specialty Chemicals global entity or its affiliate, company said in release.
At 09:17 hrs Akzo Nobel India was quoting at Rs 1,829, up Rs 19.25, or 1.06 percent on the BSE.
Posted by Rakesh Patil
