Asian Paints sells entire stake in Akzo Nobel India

Asian Paints said on Wednesday it sold its entire 4.42% stake for 7.34 billion rupees ($85.69 million) in smaller rival Akzo Nobel India via bulk deals.

Asian Paints, India’s largest paintmaker by market share, sold about 2 million shares at a price of 3,651 rupees, which is less than a 1% discount to Akzo Nobel’s closing price on Tuesday.

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The stake sale comes after JSW Paints announced in June it would acquire Dutch paintmaker Akzo Nobel’s Indian arm for about $1.6 billion, the country’s biggest deal in the sector, as competition intensifies between established players and new entrants.