Morgan Stanley, acting as manager, announces a JSW Paints Limited open offer to acquire up to 26% of Akzo Nobel India’s equity shares at INR 3,231.77 per share. This offer follows JSW Paints’ acquisition of a controlling stake in Akzo Nobel. The tendering period will commence on October 23, 2025 and close on November 6, 2025.
Open Offer Details
JSW Paints Limited, along with JTPM Metal Traders Limited and JSW Eduinfra Private Limited, has announced an open offer to acquire up to 1,18,40,482 fully paid equity shares of Akzo Nobel India Limited, representing 26.00% of the voting capital. The offer price is INR 3,231.77 per equity share, payable in cash.
Offer Timeline
The tendering period for the open offer will begin on October 23, 2025, and will close on November 6, 2025. The last date for communicating rejection/acceptance and completion of payment is November 20, 2025.
Recommendation by Independent Directors
The committee of independent directors (IDC) of Akzo Nobel India Limited recommends that the offer price of INR 3,231.77 per equity share is fair and reasonable. The IDC recommendation was unanimously approved on October 15, 2025. The volume-weighted average market price of the equity shares during the 60 trading days preceding the public announcement was INR 3,417.77 per Equity Share.
Key Updates and Approvals
The Competition Commission of India (CCI) approval for the transaction was received on September 16, 2025.
Financial Arrangements
JSW Paints and the related parties have made financial arrangements for the open offer through external debt funding sources.
Source: BSE
