Calcutta, Aug. 6: The news of a revised offer by Akzo Nobel to take over Imperial Chemical Industries Plc (ICI) seems to have attracted domestic investors to the ICI India stock.

In a day when the sensex plunged 237.37 points, the shares of ICI India rose 2.51 per cent to Rs 524 apiece. But, surprisingly, minority shareholders (non-institutional shareholders who are holding less than 1 per cent share) did not respond to the company’s offer last September to buy back its shares from the market at a price of Rs 575.

Following this, Imperial Chemical Industries’ stakeholding as a promoter of ICI India remained at 50.83 per cent.

If the takeover bid by Akzo Nobel, in partnership with Henkel of Germany, is successful, it will give Akzo Nobel a strong entry into the Indian market through ICI India. It will also give Henkel, which is already present in India, ICI India’s adhesive business in the form of National Starch & Chemicals under an exclusive agreement with Akzo Nobel.

ICI India officials, however, could not be reached for comments on the impact of this development on the businesses and share value of ICI India.

ICI India had appointed ICICI Securities and ICICI Brokerage Services as the manager and the broker for its proposed buyback.