Ways2Capital Reviews : Akzo Nobel Fixes Record Date For Share Buyback; Stock Gains

Akzo Nobel India Ltd, India’s fourth largest listed paints maker, said that it has received board and shareholder approval for its buyback program and consequently has fixed a record date for the same.

Akzo Nobel, in a statement to the stock exchanges post market hours yesterday, said that the company has fixed June 7, 2018 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.

Last month, Akzo Nobel had announced its intention to buyback a maximum number of 11,20,000 shares through the tender route at a price of Rs2,100/share, with the total buyback size adding up to Rs235.20cr. The buyback price is at 10.2% premium to Monday's closing price.

Akzo Nobel India Ltd is currently trading at Rs1,940 up by Rs33.2 or 1.74% from its previous closing of Rs1,906.80 on the BSE.
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About Bhoomi Desai