JSW Paints Limited has announced an open offer to acquire up to 1,18,40,482 equity shares of Akzo Nobel India, representing 26% of the voting share capital, at a price of INR 3,231.77 per share. This offer follows JSW Paints’ share purchase agreement with existing promoters, and is subject to proportionate reduction to ensure compliance with regulatory limits. The tendering period will start 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-up equity shares of Akzo Nobel India, constituting 26.00% of the voting share capital. The offer price is set at INR 3,231.77 per equity share, payable in cash.
Offer Size and Potential Reduction
The open offer size is subject to proportionate reduction as per regulations, ensuring that the resulting shareholding of the acquirer and related parties does not exceed 75% of the voting share capital. For example, if the tendered shares exceed 1,18,40,482, the offer size would be reduced to 92,73,902 equity shares, representing approximately 20.36% of the voting share capital.
Tendering Period
The tendering period for the open offer is scheduled to begin on October 23, 2025, and will close on November 6, 2025. Public shareholders are eligible to participate in the offer during this period.
Underlying Transaction
The offer is triggered by JSW Paints’ share purchase agreement (SPA) with Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V., to acquire up to 3,40,44,335 equity shares, representing 74.76% of the voting share capital. The SPA is valued at up to INR 9,403.21 crore.
Purpose of the Acquisition
The acquisition aims to expand Akzo Nobel India’s business and leverage synergies with JSW Paints’ existing business. JSW Paints intends to integrate the Target Company and take appropriate decisions to streamline operations and enhance performance.
Other Key Points
- The offer is unconditional regarding minimum acceptance levels.
- Copies of the public announcement, detailed public statement, and letter of offer are available on SEBI’s website.
- All capitalized terms used in the announcement have the same meanings as defined in the letter of offer.
Source: BSE