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The promoter entity of Akzo Nobel India — Imperial Chemical Industries Ltd — has increased its holding in the Indian paints and allied chemicals outfit by 3.24 percentage points to 59.64 per cent in the January 1 to March 31 period this year. In the previous quarter, Imperial Chemical Industries had 56.40 per cent of the total paid-up capital of the company.
According to the quarter-end shareholding pattern disclosed to the BSE, there had been changes in the public category too. Bajaj Allianz Life Insurance Co Ltd and SBI Mutual Fund have exited the company. Bajaj Allianz Life had 1.21 per cent and SBI Mutual Fund had 1.18 per cent during the October-December quarter of last year.
UTI Dividend Yield Fund, however, increased its holding marginally to 2.43 per cent from 2.17 per cent.
According to market insiders, the churning was largely related to the seeming unease over the proposed merger of three group entities with it. Many shareholders had opposed the move as it is set to reduce the minority holding and increase the promoter holding.
However, shareholding of LIC, ICICI Prudential Life Insurance, New India Assurance, Oriental Insurance and GIC remained unchanged.
The stock closed at Rs 834, down over three per cent.
The paid-up capital of the company currently stands Rs 36.83 crore. It would, however, increase after the proposed merger becomes complete.
> jayanta_mallick@thehindu.co.in
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