Akzo Nobel India has rallied 16% to Rs 948 after the company announced buyback of its own equity shares from the existing shareholders.

“The board of directors of the company will meet on February 14, to evaluate the possibility of a share buyback proposal from minority shareholders for implementation at the earliest opportunity," the company said in a filing to the stock exchanges.

The board will also consider the quarterly results for the quarter ending on December 31, 2011 and examine a proposal for review of the royalty arrangement with Akzo Nobel NV, it added.

As many as a combined 251,777 shares have already changed hands on the counter so far, against an average less than 50,000 shares that were traded daily in past two weeks on both the exchanges.