India Coffee House Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : India Coffee House

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Mohan Marette who wrote (9434)	11/7/1999 1:24:00 PM
From: Mohan Marette	Read Replies (1) of 12475

Promoters buy out ICI's stake in Asian Paints at Rs 406 per share Asian Paints asianpaints.com ICI Ltd India iciindia.com 05-11-1999 17:23:14 The three remaining promoters of Asian Paints Ashwin Dani, Abhay Vakil and Ashwin Choksi bought over 4.5% stake from ICI plc UK at a price of Rs406 per share this morning. The deal was signed this morning and the Asian Paints board approved of the transfer of 18,33,200 shares from Atul Choksey and associates to Dani, Vakil, Choksi & associates. With this their stake has gone up to 45%. The transfer at Rs406 represents 6% premium to the closing price of yesterday of Rs384. Reacting to the news of the promoters consolidating their stake in Asian Paints, the stock price hit an upper circuit and closed at Rs414.7. With this, the entire 9.1% Atul Choksey stake sold by him to ICI, Plc has been bought out, removing the stock overhang. A few months ago, UTI bought out 4.6% of the ICI stake from Kotak Mahindra Capital Company.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next