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Akzo Nobel India's promoter entity Imperial Chemical Industries today sold over 22.77 lakh shares worth Rs 765 crore via multiple block deals to marquee international and domestic funds. The shares were sold at a price of Rs 3,358.8 apiece to Goldman Sachs, Citigroup, BNP Paribas, Societe Generale, Morgan Stanley, Nippon India Mutual Fund, Aditya Birla Sunlife Mutual Fund and Edelweiss Life Insurance Company. Nippon was the top buyer at Rs 274 crore and was followed by WF Asian Smaller Companies Fund and Goldman Sachs.Block deal details-- Nippon India Mutual Fund bought 8,14,894 shares worth Rs 273.70-- WF Asian Smaller Companies Fund bought 5,28,500 shares at Rs 177.5 crore-- Goldman Sachs bought shares worth Rs 151.50 crore-- Citigroup bought shares worth Rs 35.2 crore-- Baroda BNP Paribas MF bought 74,820 shares at a deal size of Rs 25.13 crore-- Aditya Birla Sunlife MF bought 45,986 shares at Rs 15.4 crore-- Mediolanum Best Brands- Mediolanum India Opportunities bought 36,905 shares at 12.4 crore bought shares worth Rs 10 crore, each-- BNP Paribas Financial Markets, Societe Generale, Morgan Stanley, Bandhan MF, Edelweiss, Ghisallo Master Fund LP-- New York State Teachers Retirement System bought 24,407 shares worth Rs 8.2 crore-- GS India Equity bought 16,128 shares at a consideration of Rs 5.41 crore.Akzo Nobel India is an Indian subsidiary of Amsterdam-based AkzoNobel.The shares were sold at a discount of 1% over the Tuesday closing price of Rs 3,394.65. Today the shares ended at Rs 3390.75 on the BSE, declining by Rs 3.90 or 0.11%.It has been a market laggard falling 8% over the past one year and shares are currently trading below their 50-day and 200-day simple moving averages of Rs 3,518.2 and Rs 3,481, respectively.Also Read: NDR InvIT Trust bulk deals: Radhakishan Damani picks Rs 100 cr stake; Rakesh Jhunjhunwala trust invests Rs 67 cr (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The Reserve Bank of India Bulletin on Wednesday said that the landmark GST reforms should progressively result in a sustained positive impact through significant gains in ease of doing business, lower retail prices and strengthening of consumption growth drivers.The decisions of the GST Council in its 3rd September meeting set in motion major structural reforms in the GST regime, simplifying rates and processes, the central bank said in its September bulletin.The four existing slabs (5, 12, 18 and 28 per cent) have been streamlined mainly into two (5 and 18 per cent), with rationalisation cutting across sectors.The new framework is designed to balance the needs of the common man with ease of administration, said RBI bulletin. Most of the essential items now attract either ‘nil’ or 5 per cent GST. A majority of the electronic items and motor vehicles would be taxed at 18 per cent. A new category has also been created for luxury and sin goods, taxable at 40 per cent. "Beyond rate simplification, the reforms also tackle challenges relating to inverted duty structure. Processes have also been made business friendly: simpler registration and return filing, faster refunds, and lower compliance costs – particularly benefiting micro, small and medium enterprises and startups. Overall, these reforms are expected to boost tax buoyancy, improve compliance, and contribute to greater ease of living as well as ease of doing business."RBI said that the production and sales of passenger vehicles are likely to pick up in the upcoming festive season supported by the GST rate cut.The central bank, however, said the views expressed in the Bulletin article are of the authors and do not represent the views of the Reserve Bank of India.

Medical device maker Poly Medicure Ltd on Wednesday said it will fully acquire Italy-based Citieffe Group at an enterprise value of Rs 324 crore (EUR 31 million). The company has signed a definitive agreement to acquire 100 per cent stake in Medistream SA (Group) consisting of Citieffe SRL and its step-down subsidiaries in USA & Mexico, the company said in a statement. Citieffe is an Italy-based manufacturer specialising in the orthopaedic trauma and extremities segment with a direct presence in Italy, USA, and Mexico, and distribution across over 25 countries, it added. This acquisition provides Poly Medicure with an entry point into the large global orthopaedics market, particularly in the trauma and extremities segment, which is the fastest growing and most resilient category within orthopaedics, the company said. "This acquisition marks another step in our journey to become a comprehensive healthcare solutions provider. Citieffe's strong R&D capabilities and diverse trauma and extremity portfolio aligns with our mission to deliver innovative, patient-centric technologies," Poly Medicure Ltd Managing Director Himanshu Baid said. He further said, "Together, we will be able to accelerate the expansion into orthopaedics adjacencies and expand reach to more patients globally... Citieffe has direct sales operations in the US, Italy, and Mexico providing us a deeper foothold in these key markets." The existing management of Citieffe will continue post transaction and Pascal Govi will continue as its CEO, the statement. Archimed, a Europe based healthcare focused PE fund, held a majority stake in Citieffe. "Over the years, Citieffe has built solid and long-term growth foundations with an innovative and MDR-accredited product portfolio as well as a strong international footprint notably in the US. We are proud to see Citieffe joining a leading Medtech Group to pursue its growth trajectory," Archimed Partner Benoit Varichon said. This marks the second acquisition of the company within a month after the 90 per cent stake acquisition in the Netherlands-based PendraCare Group from Wellinq Holdings B.V. at an enterprise value of Rs 188.5 crore (Euro 18.3 million), announced earlier this month. Poly Medicure said it sees synergies by leveraging its manufacturing expertise and global distribution network of Citieffe while outsourcing parts of the manufacturing process to India that could help in reducing cost of product and boost margins. The company also said it could introduce Citeffe in India and manufacture its products locally to offer products at lower costs. Poly Medicure said the acquisition is subject to customary closing conditions and approvals and is expected to be closed in next 4-8 weeks.