The government has sold its 9.2 per cent holding in ICI India to Asian Paints for Rs 205 per share -- a premium of 16% over the market price.
An official announcement on Wednesday said the sale was worth Rs 77.09 crore (Rs 770.9 million).
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"The government has 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 a quote of Rs 205 per share," an official release said.
The Cabinet had approved the proposal to divest its stake in ICI (India), and an empowered committee of secretaries of the 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, the release added.