JSW Paints Launches Open Offer for 25.24% Stake in Akzo Nobel India

14 Jul 2025 , 10:42 AM

Akzo Nobel India shares are expected to see heightened investor attention on Monday, following an open offer announcement by Sajjan Jindal-led JSW Paints. The company has submitted a draft letter of offer to acquire up to 1,14,95,979 equity shares of Akzo Nobel India, representing 25.24% of the total voting share capital.

The proposed offer is priced at ₹3,417.77 per share in cash. However, the final price may undergo changes in line with provisions under Regulation 8(9) of SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011. If the entire offer is accepted, the transaction would translate to a cash outflow of approximately ₹3,929.06 crore by JSW Paints.

Under SEBI’s guidelines, the open offer will be subject to a proportionate reduction to ensure that the combined holding of the acquirer and persons acting in concert (PACs) does not exceed the 75% threshold.

Based on current public shareholding, the open offer may be revised down to 86,21,985 shares, equivalent to 18.93%, while 2,55,33,250 shares representing 56.07% would be acquired directly from the existing promoters.

This follows JSW Paints’ strategic move last month, when it signed a deal to acquire a 74.76% controlling stake in Akzo Nobel India for a total consideration of ₹8,986 crore.

The shares are being purchased from the Dutch parent entities Imperial Chemical Industries and Akzo Nobel Coatings International BV marking their complete exit from the Indian paints business.

The acquisition is expected to significantly strengthen JSW Group’s footprint in the paints and coatings sector. The conglomerate entered the space in 2019 and has since been expanding its presence in both retail and industrial segments.

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