Akzo Nobel India is trading higher by around 3% at Rs 887 after its board approved a buyback of company’s equity shares at a price of Rs 920 per share through tender offer.
“The board of directors unanimously approved a buyback through tender offer of approx 1.3 million equity shares of Rs 10/- each from the minority shareholders at a price of Rs 920 per equity share, payable in cash, upto an aggregate amount of Rs 120 crore,” Akzo Nobel India said in a filing to the stock exchanges.
Meanwhile, paints and coatings firm has reported 35% year-on-year (y-o-y) jump in net profit at Rs 78.24 crore for the quarter ended March 31, 2012 on account of robust sales. Total income soared almost four-fold at Rs 972 crore during the recently concluded quarter over the previous year quarter.
It has also enhanced the dividend from Rs 18 per share to Rs 20 per share, it said.
A combined 39,014 shares have changed hands on the counter in morning deals on both the exchanges.
