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Follow on Google News | Akzo Nobel - InGovern Recommends voting AGAINST Amalgamation of Unlisted SubsidiariesAkzo Nobel - InGovern Recommends voting AGAINST Amalgamation of Unlisted Subsidiaries
By: InGovern InGovern recommends institutional investors vote AGAINST the Amalgamation of Akzo Nobel Car Refinishes India Pvt. Ltd., Akzo Nobel Chemicals (India) Ltd. and Akzo Nobel Coatings India Pvt. Ltd. with Akzo Nobel India Ltd. As a consequence of the amalgamation, promoters will increase their stake from 56% to 66%. Institutional investors – ICICI Prudential Life, LIC, New India Assurance, Oriental Insurance, GIC, UTI, Bajaj Allianz, SBI Mutual, among others - will see their shareholding reduce from the current 20% to 17%. Mr. Shriram Subramanian, MD of InGovern comments: “Given the sketchy disclosures made by the company, the nebulous valuations presented to investors, the one-off writeoffs and unsecured loans, and the dis-proportionate dilution of public shareholders, we recommend shareholders vote AGAINST the amalgamation.” To obtain a copy of the detailed Vote Recommendation, or for more details, please contact: Shriram Subramanian Managing Director InGovern Research Services Pvt. Ltd. Bangalore, India End
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