New Delhi, Oct 23: The country’s largest paint maker Asian Paints on Thursday acquired the 9.2 per cent government stake in British firm ICI Plc's Indian arm ICI (India) for Rs 77.09 crore. The government finalised the sale of its stake in ICI (India) (37.60 lakh shares with face value of Rs 10) to Asian Paints, which was the highest bidder with Rs 205 per share quote, an official release said.
The Cabinet had approved the proposal to divest its stake in ICI (India), and an empowered committee of secretaries of Fertiliser Ministry, Department of Public Enterprises, and Department of Economic Affairs' Chief Economic Advisor was constituted to this effect.
ICICI Securities was the financial advisor for the transaction. Bureau Report