Akzo Nobel India plans to buyback up to 11.20 lakh equity shares of the company (which constitutes 2.4% of the total number of equity shares), from the equity shareholders for Rs.235.20 crore.

In a regulatory filing the company stated that, the buyback is proposed on a proportionate basis through the ‘tender offer’ route as prescribed under the SEBI (Buyback of Securities) Regulations, 1998 at a price of Rs.2,100 per equity share, aggregating to Rs.235.2 crore.

The company in a meeting held on April 6 has received approval from the board to buy back fully paid-up equity shares not exceeding 11.20 lakh, subject to shareholders and regulatory approval. Further, the buyback is proposed to be completed within 12 months of the date of special resolution approving the proposed buyback.

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