AkzoNobel India seeks approval to buyback 1.1 mn shares worth Rs 2.35 bn

Paints and coatings firm AkzoNobel India have sought shareholders approval for buying back about 1.1 million shares for Rs 2.35 billion.

"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 2.35 billion and maximum number of shares to be bought back is 1,120,000 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 per cent lower at Rs 1,934 on BSE.